Shares of Timex Group India Ltd fell 5% to Rs 251 on Wednesday after its promoter, Timex Group Luxury Watches BV, announced plans to offload up to 15% stake in the company through an offer for sale (OFS) route.
The OFS will open for non-retail investors on June 25 and for retail investors on June 26. The floor price has been fixed at Rs 175 per share, which is nearly 7% lower than the company’s recent closing price on the BSE. This discount appears to have triggered selling pressure on the counter, causing a sharp decline in the share price during morning trade.
Timex Group Luxury Watches BV currently holds a 74.93% stake in Timex Group India as of March 2025. The base OFS size will involve 7.5% equity or around 75.71 lakh shares, with an additional 7.5% equity available under a green shoe option, making the total possible sale up to 1.51 crore shares.
The company, known for its popular Timex brand and a wide range of licensed international brands like Versace, Guess, Nautica, adidas, and UCB watches, retails through more than 5,000 offline stores and major e-commerce platforms. It also operates over 40 exclusive franchise stores under the Timex World and Just Watches banners.
At 9:20 AM today, Timex Group India shares were trading at Rs 251, down Rs 13.20 or 5% from the previous close of Rs 264.20. The stock’s 52-week range stands between Rs 117.90 and Rs 289.90, with a market capitalization of Rs 25,340 crore.
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