Exit opportunity to all minority shareholders of Kurlon Enterprises Ltd.

26 October 2023

A Share Purchase Agreement (SPA) was finalized on July 17, 2023, involving prominent entities Kanara Consumer Products Limited (KCPL), Kurlon Trading and Invest Management Private Limited (referred to as the 'Sellers'), Sheela Foam Limited (acting as the 'Purchaser'), and Kurlon Enterprises Limited (referred to as 'KEL'). Under this agreement, the Sellers have agreed to sell a substantial portion of their equity holdings, amounting to 94.66% of KEL's total paid-up capital, which equates to 3,23,38,830 equity shares known as "Sale Shares." The agreed-upon transaction consideration is ₹588.20 per Equity Share, subject to specific terms and adjustments outlined in the SPA, contingent upon the receipt of required consents, approvals, and permissions. This significant transaction was successfully concluded with the sale of the specified shares on October 20, 2023.