Sheela Foam Ltd., the maker of popular mattress brand Sleepwell said that it continues to evaluate several strategic opportunities for growth and expansion on an ongoing basis. The company also mentioned that it is in talks with various parties, including Kurlon for growth.

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"There is no information which has not been announced to the stock exchanges,” Sheela Foam said in its reply to the stock exchanges.

The exchanges had sought a clarification from Sheela Foam after Moneycontrol had reported on June 28 that Sheela Foam would acquire Kurlon Enterprises in an all-cash transaction worth Rs 3,250 crore.

Sheela Foam, which sells mattresses under the brand name Sleepwell, said it has not observed any material impact of the news article on the company.

In December 2022, news agency PTI also reported citing industry sources that Sheela Foam was in advance talks with Kurlon to acquire its business. Sheela Foam, the only listed firm that operates in the mattress segment, has a nearly 25 per cent market share. Founded in 1962, Kurlon is one of the oldest mattress companies in the country.

Rahul Gautam, CMD, of Sheela Foam in an interaction with CNBC-TV18 last month expressed optimism about the future, stating that things are gradually improving. He was expecting the fiscal year 2024 (FY24) to be better for Sheela Foam. He projected double-digit revenue growth for the company in FY24, indicating a strong business performance in the upcoming fiscal year.

Shares of Sheela Foam are off the day's high, currently trading 0.47 percent higher at Rs 1,219.90.