Shriram Transport to sell Automall for Rs 156 cr to MXC

Shriram Transport Finance Company (STFC) said today that it will sell its trading platform for used vehicles 'Shriram Automall' for Rs 156.37 crore to MXC Solutions India.
MXC operates carwale.com and cartrade.com.
STFC said in a regulatory filing that a share purchase agreement has been signed between the three firms and sale of equity shares is expected to be completed before April 23.
It said it will receive Rs 156.37 crore from MXC for sale of 1.66 crore equity shares of Shriram Automall India Ltd (SAMIL).
"MXC will acquire majority equity stake of SAMIL on the closing date," it added.

An unlisted wholly-owned subsidiary of STFC, SAMIL had reported total income of Rs 82.83 crore in 2016-17.
The STFC stock was trading 1.50 per cent lower at Rs 1,446.60 in the afternoon on BSE.