Timex Group India Ltd. promoter Timex Group Luxury Watches B.V., Netherlands will offload up to 15% stake worth Rs 132 crore, via offer for sale on June 25 and June 26. The promoter entity 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 proposes to sell up to 75,71,250 equity shares of face value of Rs 1 each, representing 7.50% stake forming the base offer size.
The floor price for the offer will be Rs 175 per share, and Kotak Securities Ltd. will be acting as the settlement broker on behalf of the seller’s broker.
There will be an option to additionally sell up to 7,571,250 equity shares, representing 7.5% stake in the company. If this option is exercised, the promoter entity will be ending up offloading a total of 15% stake.
The OFS will be on both the exchanges – BSE Ltd. and the National Stock Exchange of lndia Ltd.
About 42,076 retail investors with share capital up to Rs 2 lakhs, hold 15.77% shareholding in Timex Group India. Foreign portfolio investors hold 0.10% stake in the company, according to the BSE shareholding data.
Timex Group B.V., 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.
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