--- title: "Warburg Pincus to buy control of Pricol Autotech: up to ₹1,663 crore for 38.51%" summary: "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." url: https://www.thetechbag.com/blog/warburg-pincus-pricol-autotech-1663-crore format: Note desk: "Markets & the AI economy" region: India published: 2026-11-14 facts_checked: 2026-11-14 author: TechBag (The TechBag Journal) tags: ["Warburg Pincus Pricol","Pricol Autotech","Pricol share price","Pricol Autotech open offer","Pricol demerger","Pricol","Warburg Pincus","Warburg Pincus India","open offer","SEBI takeover regulations","instrument clusters","connected vehicle","auto components","DICVS","Topaz Terrace Investments","NSE"] cover: https://www.thetechbag.com/blog/covers/warburg-pincus-pricol-autotech-1663-crore.png --- # 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.* Note · Markets & the AI economy · By TechBag · Published 2026-11-14 · Facts checked 2026-11-14 · Canonical: https://www.thetechbag.com/blog/warburg-pincus-pricol-autotech-1663-crore 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.[1][2] ₹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 ## What 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] ## The 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. How we did this Figures as of 14 November 2026, 7:30pm IST The price, the share count, the parties and the conditions are from Pricol’s Regulation 30 letter of 13 November; the turnover is from its letter of 27 June (the press release rounds it to about ₹2,400 crore and about 60%). The consideration is “up to” ₹1,663.07 crore, so every derived figure is a maximum. Our arithmetic: ₹1,663.07 crore over 4,69,34,833 shares is ₹354.34 a share; 4,69,34,833 shares at 38.51% implies about 12.19 crore shares in all, and ₹4,318.5 crore for the whole; 38.51% plus 26% is 64.51%. The open offer is for up to 26% and may be filled only in part. Pricol’s Friday price is quote data, not a primary source: Google Finance shows a last trade of ₹755 and Yahoo Finance a close of ₹747.85; either way Warburg’s price is 47% of it. Spotted an error? Write to us; corrections are published at the foot of the piece. Sources 1. [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)](https://nsearchives.nseindia.in/corporate/PRICOLLTD_13112026225017_sedisclosure.pdf) — 13 November 2026 2. [SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, consolidated text amended up to 5 December 2025: regulations 3(1) and 7(1)](https://www.sebi.gov.in/sebi_data/attachdocs/aug-2026/1785911192198.pdf) — 5 December 2025 3. [Pricol Limited, intimation under Regulation 30: scheme of arrangement for the demerger of the DICVS business into Pricol Autotech](https://pricol.com/wp-content/uploads/2026/06/sedisclosure.pdf) — 27 June 2026 4. [Pricol Ltd (PRICOLLTD, NSE) quote data, Google Finance and Yahoo Finance; not a primary source](https://www.google.com/finance/quote/PRICOLLTD:NSE) — 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. Go deeper on TechBag - [Vishay pays US$56.4m for 49% of Kaynes Semicon](https://www.thetechbag.com/blog/vishay-kaynes-semicon-56m-49-percent) — the same week, a foreign company’s price for a stake in an Indian electronics business - [Zaggle’s revenue rose 34% and its profit fell 30%](https://www.thetechbag.com/blog/zaggle-revenue-34-percent-cashback-66-profit-falls) — another listed Indian company’s NSE filing, read line by line