Sheela Foam Gains Control Of House Of Kieraya, Making It A Subsidiary
Sheela Foam Limited has converted House of Kieraya Limited (HOK), operator of Furlenco, into a subsidiary. This change in status, effective 1 October 2026, follows an amendment agreement that altered Affirmative Vote Matters in their existing Shareholders' Agreement.
Sheela Foam |
Mumbai: Sheela Foam Limited announced on 1 October 2026 that House of Kieraya Limited, also known as Furlenco, is now a subsidiary. This change came into effect after an amendment to the Shareholders' Agreement, originally executed on 17 July 2023.
Ownership Details
Prior to this amendment, HOK was a jointly controlled entity. Sheela Foam holds 34.53% equity shares in House of Kieraya Limited.
Transaction Structure
The company said the amendment agreement did not involve any transfer of shares, new consideration, or other monetary payment between the parties. No shares were issued as part of this change.
Strategic Rationale
The acquisition of control is expected to help Sheela Foam enter the fast-growing branded furniture market, according to the company. HOK is a furniture company with a strong online presence in Bengaluru, Mumbai, and Delhi NCR.
Financial Overview of HOK
House of Kieraya Limited reported a turnover of ₹375 crore for FY 2025-26. Its turnover for FY 2024-25 was ₹240 crore, and for FY 2023-24, it was ₹152 crore. The company was founded in 2012 by Ajith Mohan Karimpana.
Regulatory Approvals
Sheela Foam stated that no governmental or regulatory approvals were required for this transaction.
Disclaimer: This story is based on company exchange filings and is for informational purposes only. Investors should evaluate risks before making decisions.
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