Shriram Transport sells stakes in Shriram Automall for Rs. 156 crore

Shriram Transport Finance Company Limited has agreed to sell stakes in its subsidiary Shriram Automall India Limited (SAMIL) to MXC Solutions India. SAMIL facilitates the trade of used vehicles and equipment. 

The two companies have signed the share purchase agreement and the deal is valued at Rs. 156 crore, reported a leading news agency. MXC Solutions India operates an online auctions platform to buy and sell new and used vehicles. The platform enables users to evaluate used vehicle through their mobile phone. 

SAMIL is an ISO 9001:2008 certified company which serves a range of pre-owned commercial vehicles, construction equipment, tractors, buses, cars, 3 wheelers and 2-wheelers. The company reported PAT Rs. 829.15 in FY2016-17. 

Meanwhile, the stock of Shriram Transport Finance was trading at Rs. 1455.95 per share, down Rs. 12.65 or 0.86 per cent. BSE Sensex was at 36,158.89, up 18.91 points or 0.05 per cent at 11:50 on Wednesday.