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Sheela Foam to raise ₹1.5K cr to fund Kurlon, Furlenco buys
Mint Mumbai
|July 18, 2023
Furlenco deal is expected to close by Aug-end, and the Kurlon transaction by the end of Nov
Sheela Foam Ltd, the maker of Sleepwell mattresses, plans to raise ₹1,500 crore through a mix of debt and equity to fund the twin stake purchases in rival mattress maker Kurlon Enterprises Ltd and House of Kieraya Pvt. Ltd, the owner of furniture rental startup Furlenco, said senior company executives.
"We will fund the acquisitions through the mixture of equity, debt and internal accruals," Sheela Foam chairman and managing director Rahul Gautam said in an interview on Monday.
Around ₹800 crore to ₹850 crore will be funded through internal cash accruals, while the company will need to raise around ₹1,500 crore via equity or debt, group chief financial officer Amit Gupta added.
Earlier in the day, Sheela Foam announced that its board approved the purchase of a 94.6% stake in Kurlon and a 35% stake in House of Kieraya.
Sheela Foam will pay ₹2,050 crore for the Kurlon transaction, subject to customary adjustments for working capital, debt and surplus cash. The deal valued Kurlon at ₹2,150 crore.
This story is from the July 18, 2023 edition of Mint Mumbai.
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