Sheela Foam Limited (BSE:540203) agreed to acquire 93.67% stake in Interplasp S.L. for €42 million on July 26, 2019. A 100% subsidiary of the Sheela Foam is being established in Spain, which would acquire 93.67% shareholding of the Interplasp for the cash consideration of €42 million. Three managers of the Interplasp would continue to hold the balance 6.33% of the shareholding in Interplasp, with the Sheela Foam having the right of first refusal of these shares. Interplasp generated €31.6 million of revenue in the year 2018. As of July 26, 2019, the deal has been approved by board of Sheela Foam and expected to get closed on or before September 30, 2019. Sheela Foam Limited (BSE:540203) completed the acquisition of 93.67% stake in Interplasp S.L. on August 31, 2019.