Winro Commercial India Ltd executed a significant share sale of Sheela Foam, the renowned manufacturer of the popular mattress brand Sleepwell, amounting to Rs 93 crore in an open market transaction on Tuesday. The block deal information available from the National Stock Exchange (NSE) revealed that Winro Commercial India divested over 8.34 lakh shares at an average rate of Rs 1,114 per share, aggregating to a deal value of Rs 92.97 crore. The buyer in this transaction was identified as Blue Diamond Properties Pvt Ltd, securing the shares at the same price.
Following this transaction, the market response led to a 0.49 percent decline in Sheela Foam’s share price, closing at Rs 1,136 per piece on the NSE. This development comes in the wake of Sheela Foam’s earlier announcement in July, wherein the company disclosed its intention to acquire a substantial 94.66 percent stake in Kurlon Enterprises Ltd (KEL) for a considerable sum of Rs 2,150 crore.
The sale of Sheela Foam shares by Winro Commercial India suggests strategic portfolio adjustments or financial considerations by the seller. The dynamics of such open market transactions often involve intricate financial strategies, and the precise motives behind Winro Commercial India’s decision to divest its stake in Sheela Foam are not explicitly outlined in the available information. However, it underscores the dynamic nature of the stock market, where companies make strategic moves to optimize their portfolios and allocate resources in alignment with their business objectives.
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