Warburg Pincus to Buy 38.51% of Pricol Autotech From Promoters
A Warburg Pincus affiliate will pay up to Rs 1,663.07 crore for the Pricol promoters' entire stake in the demerged Pricol Autotech.
Key Takeaways
- Warburg Pincus will buy the Pricol promoters' entire 38.51% stake in Pricol Autotech.
- The promoters will receive up to Rs 1,663.07 crore for 4,69,34,833 shares.
- Warburg Pincus will make an open offer for up to an additional 26% of Pricol Autotech.
- Pricol Autotech will house Pricol's DICVS business, which earned about Rs 2,400 crore in FY26.
- The deal depends on the demerger becoming effective and on approvals, including from the CCI.
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Warburg Pincus has agreed to buy the entire 38.51% stake that Pricol's promoters will hold in Pricol Autotech, the company that will house Pricol's driver information and connected vehicle solutions (DICVS) business after a planned demerger. The promoters will receive up to Rs 1,663.07 crore. Pricol and Warburg Pincus announced the deal on November 13, 2026, after Pricol's board approved the share purchase agreement that day.
The buyer is Topaz Terrace Investments B.V., an affiliate of Warburg Pincus. It will buy 4,69,34,833 equity shares of Pricol Autotech from members of the promoter group, including Vijay Mohan, Vikram Mohan and Vanitha Mohan, and from promoter group entities. Warburg Pincus will also make a mandatory open offer to public shareholders for up to an additional 26% of Pricol Autotech's share capital.
Warburg Pincus and Pricol Autotech deal at a glance
| Detail | Value |
|---|---|
| Buyer | Topaz Terrace Investments B.V., an affiliate of Warburg Pincus |
| Sellers | Pricol's promoters, members of the Mohan family and promoter group entities |
| Stake | 38.51% of Pricol Autotech, the promoters' entire holding |
| Shares | 4,69,34,833 equity shares |
| Consideration | Up to Rs 1,663.07 crore |
| Open offer | Up to an additional 26% of Pricol Autotech's share capital |
| Board approval | November 13, 2026 |
| Business being demerged | Driver information and connected vehicle solutions (DICVS) |
| DICVS revenue in FY26 | About Rs 2,400 crore, around 60% of Pricol's consolidated revenue |
How the Pricol Autotech demerger is set up
Pricol is a Coimbatore-based maker of automotive technology and precision components. Its DICVS business makes instrument clusters, telematics, sensors and e-cockpit solutions for vehicle makers across two-wheelers, three-wheelers, four-wheelers, commercial vehicles and off-highway vehicles. This business will move into Pricol Autotech.
Under the demerger scheme, eligible Pricol shareholders are expected to get one share of Pricol Autotech for every Pricol share they hold. Pricol Autotech is proposed to be listed on the NSE and BSE. After the demerger, Pricol Limited will keep its actuation, control and fluid management systems business, and its polymer business will continue through its wholly owned subsidiary, Pricol Precision Products Private Limited. Both will stay with the Mohan family, with no change in their shareholding.
| When | What happened |
|---|---|
| June 27, 2026 | Pricol's board approved the scheme to demerge the DICVS business into Pricol Autotech |
| November 13, 2026 | Pricol's board approved the agreement for the promoters to sell their 38.51% Pricol Autotech stake to Warburg Pincus |
Vikram Mohan and Anish Saraf on handing over Pricol Autotech
"The proposed demerger will give Pricol Autotech the focus and independence to realise its full potential."
"We look forward to partnering with Pricol Autotech’s management and employees to support the Company’s long-term ambitions and expand its presence in India and internationally."
The approvals the Pricol Autotech deal needs
The companies said the deal depends on the demerger becoming effective. They said the scheme and the transaction remain subject to approvals and conditions, including, as relevant, approvals from shareholders, creditors, stock exchanges, SEBI, the National Company Law Tribunal and the Competition Commission of India.
The companies said Warburg Pincus will make the open offer and complete the purchase of the promoters' stake after the scheme becomes effective, which will make it Pricol Autotech's largest shareholder.
Where Pricol Autotech stands after the Warburg Pincus agreement
Pricol's promoters have agreed to sell their full 38.51% stake in Pricol Autotech to a Warburg Pincus affiliate for up to Rs 1,663.07 crore, along with an open offer for up to 26% more. The DICVS business going into Pricol Autotech earned about Rs 2,400 crore in revenue in FY26. Pricol Limited will keep its other businesses under the Mohan family.
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