According to reports from Business Standard, Tech Mahindra's subsidiary PF Holdings B.V. (PFH) has entered into a commitment to acquire 7.89 million ordinary shares representing 10.02% of Pininfarina S.p.A. for up to €9.46 million. The shares will be acquired at €1.20 apiece through cash consideration, with the transaction subject to requisite approvals from the Presidency of the Council of Ministers of Italy. The acquisition is expected to be completed on or before December 31, 2026. As per the latest exchange filing, this commitment was entered into on Thursday as part of a voluntary tender offer to acquire up to 13.7 million ordinary shares, representing 17.42% of the Italian company.
As reported by Business Standard, the proposed acquisition comes as Pininfarina pursues delisting from Borsa Italiana S.p.A. According to Tech Mahindra's regulatory disclosure, Pininfarina is pursuing delisting from Borsa Italiana S.p.A., subject to applicable laws and regulations. The Italian company operates in automotive design, vehicle design and engineering services, with ordinary shares listed on Euronext Milan, a regulated market managed by Borsa Italiana. Upon successful completion of the proposed transaction, Tech Mahindra's shareholding will increase from the current 82.57% to 92.59% in the Italian automotive design company.
According to Tech Mahindra's filing reported by Business Standard, Pininfarina reported consolidated turnover of €102.7 million (₹948.01 crore) for the calendar year ended December 31, 2025, compared with €91.1 million (₹819.85 crore) in 2024 and €87.2 million (₹778.94 crore) in 2023. The company is a joint-stock company incorporated under Italian law with ordinary shares listed on Euronext Milan.
As reported by Business Standard, Tech Mahindra's investment in Pininfarina dates back to December 2015, when Tech Mahindra and Mahindra & Mahindra jointly agreed to acquire a 76.06% stake in the Italian company from Pincar S.r.l. at €1.10 per share. The acquisition was undertaken through PF Holdings B.V., a joint venture in which Tech Mahindra held a 60% stake and Mahindra & Mahindra held the remaining 40% stake. PFH completed the acquisition in May 2016.
