DK Business Network
Timex Group Luxury Watches B.V., the Netherlands-based subsidiary of Timex Group, has successfully divested 15% of its stake in Timex Group India Limited through an Offer for Sale (OFS). The transaction involved the sale of 15,142,500 equity shares, fetching ₹315.35 crore.
Key Details of the Transaction:
– Stake Sold: 15% of Timex Group India Limited’s paid-up equity capital
– Number of Shares: 15,142,500 equity shares
– Floor Price: ₹175 per share, representing a 7% discount to the market price
– Transaction Value: ₹315.35 crore
Impact of the Transaction: Shifts in Shareholding Pattern and Legal Implications
The stake sale has significantly impacted Timex Group India Limited’s shareholding pattern, reducing the promoter holding from 74.93% to 59.93%. This shift enhances the public float, aligning with SEBI’s minimum public shareholding norms. Trilegal advised Timex Group Luxury Watches B.V. on the OFS transaction, with Partner Abhinav Maker leading the Capital Markets team, supported by Counsel Ajo Jomy and Associate Ipsita Sahoo, and IpsitaSahoo, who advised on regulatory, structural, and execution-related aspects.
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