Tech Mahindra to up stake by 10% more in Italian car design firm Pininfarina for EUR 9.5 M

IT services firm Tech Mahindra is to increase its stake in Turin, Italy-based car design firm Pininfarina to 92.59% through an all-cash acquisition. The transaction involves the acquisition of shares representing 10.02% of Pininfarina’s issued capital. This move coincides with the Italian company’s ongoing process of delisting from Borsa Italiana. Tech Mahindra’s subsidiary, PF Holdings BV, has committed to purchasing approximately 7.89 million shares at a price of EUR 1.20 per share, totaling EUR 9.46 million.