Timex Promoter Doubles Down: Exercises Full Oversubscription in High Stakes OFS

​OFS Timeline & Structure

The OFS opened December 29 for non-retail investors and extends to December 30 for retail and carry-forward bids via BSE's separate window. Kotak Securities serves as the seller broker, ensuring SEBI compliance. Post-exercise, promoter holding could fall to around 51% from current levels near 59.93%.

Key Highlights

• Base Offer: 45,09,250 shares (4.47% equity), now doubled via greenshoe option to 90,18,500 shares (8.93%).
• ​Floor Price: ₹275/share, ~22% discount to Friday's ₹351.75 close, fueling stock slide to lower circuit.
• ​Market Impact: Shares plunged nearly 10% to ₹317 on Dec 29; mirrors June OFS pattern where promoter sold 15% at ₹175 floor.
• ​Promoter Context: Follows July divestment reducing stake from 74.93% to 59.93%; strong FY25 revenue of ₹538 crore supports resilience.

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Sources: Business Standard, CNBC TV18, Business Today