Shriram Transport Finance (STFC) has executed a Share Purchase Agreement (SPA) with Shriram Automall India (SAMIL) and MXC Solutions India (MXC) with regard to purchase of equity shares of SAMIL by MXC from STFC. SAMIL is a wholly owned subsidiary of STFC.
The SPA by and amongst SAMIL, STFC and MXC was executed on January 24, 2018. The sale of equity shares is expected to be completed within 90 days from the execution date.
Shriram Transport Finance is a flagship company of the Chennai-based Shriram group and is classified as deposit taking Asset Financing NBFC. The company was with an objective to provide hire purchase and lease finance for the medium and heavy commercial vehicles to individual truck operators.