Timex Group India Ltd. promoter Timex Group Luxury Watches BV, Netherlands will exercise the oversubscription option in their ongoing offer for sale of equity, the company confirmed through an exchange filing on Wednesday.
The promoter will offload a 15% stake worth Rs 132 crore. The promoter currently owns 74.93% stake in Timex Group, according to the shareholding data available with the BSE.
According to an exchange filing on Tuesday, the Dutch promoter proposed to sell up to 75,71,250 equity shares of face value of Re 1 each, representing 7.5% stake forming the base offer size. It is now offloading a further 7.5% stake, bringing the total to 15%.
The floor price for the offer is Rs 175 per share and Kotak Securities Ltd. is the settlement broker on behalf of the seller's broker. The OFS will be on both the exchanges — BSE Ltd. and the National Stock Exchange of India Ltd.
About 42,076 retail investors with share capital up to Rs 2 lakh hold 15.77% shareholding in Timex Group India. Foreign portfolio investors hold 0.1% stake in the company, according to the BSE shareholding data.
Timex Group BV or Timex Group is an American Dutch holding company headquartered in Hoofddorp, the Netherlands and Middlebury, Connecticut. It is the corporate parent of several global watchmaking companies, including Timex Group USA, Inc., TMX Philippines, Inc., and Timex Group India.
Shares of the company were stuck in a 5% lower circuit at Rs 251 apiece on Wednesday, as compared to a 0.8% advance in the benchmark NSE Nifty 50.
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