PE-backed CarTrade to acquire Shriram Automall for Rs 1.56 billion

CarTrade, a private equity-backed firm, is set to acquire a majority stake in Shriram Automall (SAMIL), which sells used trucks, buses and other vehicles, from Shriram Transport Finance Corporation (STFC) for Rs 1.56 billion.
 
An agreement was signed on this between STFC, Shriram Automall India, and MXC Solutions, which operates CarTrade.com and Carwale.com. After the acquisition MXC Solutions will be the majority shareholder.
 
STFC will sell 16,630,435 equity shares of SAMIL, with a face value of Rs 10 each, at Rs 94.03 per share.
 
For Mumbai-based CarTrade, an online automobile classifieds platform, this is the third acquisition