Khaitan & Co. Advises Furlenco on USD 12 Million Funding Round, Involving Primary Subscription and Conversion of Warrants
Sheela Foam Ltd., known for its Sleepwell mattress brand, has announced a ₹107 crore investment to acquire a 10.5% stake in House of Kieraya Limited (operating as Furlenco), a leading furniture rental company. The investment involves subscribing to 5.04 million shares through a rights issue, converting partly paid warrants for an additional 5.6 million shares, and purchasing up to 350,000 shares from existing shareholders.
The transaction, approved by Sheela Foam’s board, is a related-party deal with the promoter group’s involvement but conducted at arm’s length. Furlenco, founded by Ajith Mohan Karimpana in 2012, operates in major Indian markets like Bengaluru, Mumbai, and Delhi NCR, and has posted revenues of ₹129 crore, ₹157 crore, and ₹152 crore for FY22, FY23, and FY24, respectively.
The acquisition, which does not require regulatory approvals, is expected to be finalized by October 14, 2024. Khaitan & Co. provided legal counsel to Furlenco on this USD 12 million funding round.
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