Sheela Foam shares traded 2% below on 21 September after the company launched its proposed QIP (qualified institutional placement) to fund the Kurlon acquisition.

The company opened its QIP on 20 September, and the floor price of the QIP issue is set at Rs 1,133.99 per share, according to its BSE filing.

The filing further stated, “As per the company’s prevention of insider trading code of conduct to regulate, monitor and report trading by Designated Persons (“Code”), the trading window for dealing in the securities of the company shall be closed from 21 September 2023 till 48 hours after determination of issue price for all ‘Designated Persons’ as defined in the code.”

The promoters of the company hold a 72.95% stake in the company, whereas DII’s hold a 21.95% stake, FII’s hold a 3.21% stake in the company, and the remaining 1.89% stake is held by the public.

The stock has gained over 7.14% in the last 6 months against the 16.33% gained by the benchmark Nifty 50 index in the same duration.

At 12:12 pm, the shares of Sheela Foam were trading at Rs 1,143.15 or 2.26% below its previous close on NSE.