Warburg Pincus to buy control of Pricol Autotech: up to ₹1,663 crore for 38.51%
Pricol’s filing of 13 November: the price per share Warburg Pincus pays, what the instrument-cluster business earns, the open offer for 26% more, and what still needs approval.
Warburg Pincus has agreed to buy the Mohan family’s entire 38.51% of Pricol Autotech, the company being carved out of Pricol to hold its instrument-cluster and connected-vehicle business, for up to ₹1,663.07 crore. Pricol told the stock exchanges at 10:50pm IST on Friday 13 November.1 The price works out to ₹354 for each of the 4,69,34,833 shares and values all of Pricol Autotech at about ₹4,319 crore. Once Pricol Autotech is listed, Warburg must also offer to buy up to 26% more from public shareholders.12
₹1,663 cr
up to ₹1,663.07 crore for the promoters’ 38.51% of Pricol Autotech
Pricol filing
₹354
the price per Pricol Autotech share
From Pricol’s filing
₹2,425 cr
the business’s FY26 turnover, 61% of Pricol’s
Pricol filing
64.51%
Warburg’s stake if the open offer for 26% is filled
From Pricol’s filing
01What Warburg is buying
On 27 June Pricol’s board approved a demerger of its Driver Information and Connected Vehicle Solutions business into Pricol Autotech, a subsidiary incorporated on 21 February 2026. The business makes instrument clusters (connected, electronic and mechanical), infotainment systems, e-cockpits, telematics, battery management systems and some sensors, for two- and three-wheelers, cars, commercial vehicles, off-highway vehicles and tractors. Its turnover in the year to March 2026 was ₹2,424.63 crore, 61.17% of Pricol’s consolidated turnover.3 Every Pricol shareholder is to receive one Pricol Autotech share for each Pricol share, and the new company is to list on the NSE and BSE.1
The Mohan family will receive those 38.51% under the demerger and sell them to Topaz Terrace Investments, a Dutch affiliate of Warburg Pincus. The money goes to the family and its holding companies, not to Pricol, which will own no shares in Pricol Autotech.1 Pricol keeps its actuation, control and fluid-management business and its polymer subsidiary, still run by the family. The sellers and Pricol accept non-compete obligations for a set period, and the sellers will ask to be reclassified from promoters of Pricol Autotech to public shareholders.1 At ₹4,319 crore, Pricol Autotech is valued at about 1.8 times its FY26 turnover. On Friday, hours before the filing, a Pricol share, which will carry one Pricol Autotech share after the demerger, ended at about ₹750; Warburg’s price is 47% of that.4
02The open offer, and the order of events
SEBI’s Takeover Regulations say that anyone who acquires 25% or more of a listed company’s voting rights must make a public offer to its other shareholders, for at least 26% of the company’s shares.2 Here the order is fixed in the agreement: first the demerger takes effect and Pricol Autotech lists; then Warburg makes its open offer and the offer period runs out; then the share purchase completes, once the remaining conditions are met, including approval by the Competition Commission of India.1 The demerger itself still needs the approval of shareholders, creditors, the stock exchanges, SEBI and the National Company Law Tribunal.1 If the open offer is filled, Warburg would hold 64.51%, and the promoters none.
Warburg Pincus says it manages more than US$110bn across more than 225 companies, and calls automotive components a long-standing focus in India; it plans to grow Pricol Autotech into “a leading automotive electronics platform”, including through acquisitions.1 What to watch: the tribunal’s hearing on the demerger, the listing date, and the open offer’s price.
Sources
- Pricol Limited, intimation under Regulation 30: share purchase agreement for the sale of 38.51% of Pricol Autotech to Topaz Terrace Investments (Warburg Pincus), with annexures and joint press release (NSE) — 13 November 2026
- SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, consolidated text amended up to 5 December 2025: regulations 3(1) and 7(1) — 5 December 2025
- Pricol Limited, intimation under Regulation 30: scheme of arrangement for the demerger of the DICVS business into Pricol Autotech — 27 June 2026
- Pricol Ltd (PRICOLLTD, NSE) quote data, Google Finance and Yahoo Finance; not a primary source — 13 November 2026
Disclosure. TechBag is a software reseller: it earns when companies buy through it, including from vendors named here. The analysis is TechBag’s own; no vendor paid for or saw this piece before publication. Facts are labelled reported, TechBag count or our view.
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