Sleepwell maker Sheela Foam on November 18 stated that its board has approved the merger of International Comfort Technologies with the company.
As on the date of the approval of the scheme by the company, ICTPL is unlisted and wholly-owned by Sheela Foam, the company said in a regulatory filing.
The company further added that the board resolved that the entire issued, paid-up, subscribed share capital of ICTPL is directly held by SFL. Therefore, no shares shall be issued by the company pursuant to the scheme becoming effective.
Also, the Draft Report of the Board of Directors explaining the effect of the scheme on shareholders, key managerial personnel, and promoters as per Section 232(2)(c) of the Companies Act, 2013 is approved.
Sheela Foam had reported a 99.22 percent rise in net profit at Rs 38.29 crore for the quarter ended June 20, 2022. The company had reported a profit of Rs 19.22 crore in the year-ago period.
Its net sales stood at Rs 514.37 crore in June 2022, up 57.95 percent from Rs. 325.65 crore in June 2021.
Meanwhile, shares of Sheela Foam on November 18 ended 0.19 percent lower at Rs 2,700 apiece on BSE against its previous close. Sheela Foam's shares had declined 16.51 percent year to date.
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