Luxury Lets Go: Timex Promoter Times Exit with ₹175/share Sale

Image Source: CNBC TV18

Timex Group India Ltd has notified that its promoter shareholding, Timex Group Luxury Watches B.V., will offload up to 15% of its equity stake in the company through a secondary market sale. The sale will be at ₹175 a share floor price with the potential value being over ₹260 crore based on current market capitalization.

The move is expected to:

Improve stock liquidity through increased public float
Follow institutional interest, especially with Timex India's strong brand equity and recent share trends
Signal promoter group strategic portfolio rebalancing, who still retains a sizeable holding after disposing of a portion of it

The offer is to be completed through a block deal on the bourses and the allotment will be based on demand from investors. The shares of Timex Group India have surged over 100% in the past one year, driven by robust sales growth, expansion in the distribution network, and premiumisation of the product range.

Market observers view the sale of stake as a strong signal of faith by the promoters, offering investors an opportunity to invest in a growing consumer brand at a pre-designated entry point.

Relevant Sources: BSE India, Moneycontrol