Kurl-On to divest 25% stake; venture into home furnishings

Leading mattress maker Kurl-On plans to offload about 25 per cent stake as it looks to raise capital to fund a major diversification into home furnishing segment.

The company's promoters, the Pai family, is planning to offload around 25 per cent stake by means of public offering.

"We were hoping to go for the offering earlier but had to postpone it because of the volatile market conditions. We are keen to get listed and hope to have the stake divestment within next two-three months if the market stabilises," Kurl-On Managing Director T Sudhakar Pai told PTI.

He said no valuation regarding the exact price of the divestment has been carried out so far.

"We are waiting for the correct external factors to emerge. We are willing to divest to individual or institutional investors who can bring more value addition to the company," he added.

On its foray into home furnishing segment, he said that the company has started a trial run for home furnishing segment in selected markets across the country. "We are beginning with a portfolio of around 8,000 designs."

Pai said the company is looking for a 20 per cent share of the Indian home furnishing business by 2010-11.