Timex Group India Promoter to Offload Up to 7.6 Million Shares in Strategic Stake Sale

The promoter of Timex Group India Ltd has announced that it will be offering a maximum of 7.6 million equity shares, thereby implying the company will experience a significant dilution of stake. The sale is strategic in nature, with possibilities of value unlocking or rebalancing of promoter holdings.

 

The offer contains a provision for the sale of additional shares at the discretion of the promoter group depending on market conditions and investor demand. While the price and date of the offer have not been revealed, the move is expected to increase the free float of the stock and draw wider institutional interest.

 

Timex Group India, which enjoys brand recall and icon status as watches are held sacred by it, has had a mind-boggling run in recent quarters with its stock going up over 119% from its 52-week low. The company continues to strive to expand its product portfolio as well as retail footprint in India.

 

Markets watchmen would closely observe the impact of the offer on shareholding trends as well as market mood in the coming days.

 

Relevant Sources: Trendlyne, Moneycontrol, Wikipedia