Timex Ticks Toward Market Depth: Promoter Trims Stake by 15% via OFS

Timex Group India Ltd. is making headlines as its promoter, Timex Group Luxury Watches BV, announced a significant reduction in its stake—from 74.93% to 59.93%—through a 15% Offer for Sale (OFS). The move is aimed at enhancing liquidity and aligning with regulatory norms on minimum public shareholding.

 

The OFS, conducted in two tranches on June 25 and 26, offered a base issue of 7.5% equity (75.71 lakh shares) with an additional 7.5% green shoe option, totaling 1.51 crore shares. The floor price was set at ₹175 per share, nearly 7% below the stock’s last closing price of ₹188, making it an attractive entry point for investors.

 

The announcement triggered a 5% lower circuit on the BSE, with shares closing at ₹251 on June 25. Despite the dip, the move is seen as a strategic step to unlock value and broaden the investor base. The OFS is expected to bring the promoter holding closer to regulatory thresholds while improving the stock’s free float.

 

Timex Group India, a subsidiary of the US-based Timex Group, is a leading player in the Indian watch market. It boasts a diverse portfolio of licensed brands including Versace, Guess, Nautica, Adidas Originals, and UCB, and operates over 5,000 retail outlets and 40+ exclusive stores across India.

 

With FY25 revenues at ₹538.1 crore, the company continues to strengthen its brand presence while offering investors a timely opportunity to join its growth journey.

 

Sources: Moneycontrol, Goodreturns, India Infoline