Endurance Technologies Limited has entered into an agreement to sell its step-down wholly-owned subsidiary Veicoli Srl in Italy through its wholly-owned subsidiary Endurance Overseas SpA. Endurance Overseas SpA has signed a Share Purchase Agreement to divest its entire 100 percent stake in Veicoli Srl.
Veicoli Srl provides software platforms to companies operating in the fleet management sector. The divestment is part of Endurance's focus on allocating resources to the continued growth of its core auto components business.
Veicoli Srl reported a total income of Rs 32.58 crore for the financial year 2025-26, which represents 0.22 percent of Endurance's consolidated total income. The net worth of Veicoli stood at Rs 3.15 crore as of March 31, 2026, amounting to 0.48 percent of the consolidated net worth of Endurance.
The consideration for the sale includes an upfront fixed payment of EUR 2.2 million, a deferred fixed payment of EUR 0.3 million, and an earn-out consideration linked to financial results for the first three years after completion, subject to a cap of EUR 5.0 million.
The share purchase agreement was executed on June 23, 2026, and the transaction is expected to be completed by July 1, 2026. The buyer, Banyan Software UK Limited, is not part of the promoter or promoter group of Endurance.
Upon receipt of requisite regulatory approvals, Veicoli Srl will cease to be a subsidiary of Endurance. The transaction is not a related party transaction and does not constitute a slump sale.
Disclaimer: This article is based on company filings submitted to the Bombay Stock Exchange (BSE) and National Stock Exchange of India (NSE) and is for informational purposes only. It does not constitute investment advice or a recommendation. Investors should conduct their own research and consult a qualified financial advisor before making investment decisions.