Sheela Foam Limited has informed the Exchange about Updates on sale of fraction shares in open market for compensating the shareholders
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Sheela Foam has informed the exchanges about the sale of fractional shares generated from a Composite Scheme of Arrangement. The scheme involved multiple companies (Belvedore International, Kanvas Concepts, Kurlon Retail, Komfort Universe Products and Services, and Starship Value Chain) being amalgamated into Kurlon Enterprise Limited, which was then merged into Sheela Foam. The NCLT Mumbai had approved this scheme. Fractional entitlements from the share exchange ratio were consolidated and allotted to a Trust appointed by the Board. The Trust sold these shares in the open market on April 22, 2026. Net proceeds after taxes will be distributed to eligible KEL shareholders in proportion to their fractional entitlements.
This is a post-scheme administrative step ensuring fair treatment of shareholders who received fractional shares due to the exchange ratio. It has no direct impact on Sheela Foam's stock price but finalises the corporate restructuring process.