Timex Group India shares drop 5% as Timex Group Luxury Watches to sell 15% stake in India arm via OFS
Shares of Timex Group India Ltd fell 5% to Rs 251 on Wednesday after its promoter, Timex Group Luxury Watches BV, announced plans to offload up to 15% stake in the company through an offer for sale (OFS) route.
The OFS will open for non-retail investors on June 25 and for retail investors on June 26. The floor price has been fixed at Rs 175 per share, which is nearly 7% lower than the company's recent closing price on the BSE. This discount appears to have triggered selling pressure on the counter, causing a sharp decline in the share price during morning trade.
Timex Group Luxury Watches BV currently holds a 74.93% stake in Timex Group India as of March 2025. The base OFS size will involve 7.5% equity or around 75.71 lakh shares, with an additional 7.5% equity available under a green shoe option, making the total possible sale up to 1.51 crore shares.
The company, known for its popular Timex brand and a wide range of licensed international brands like Versace, Guess, Nautica, adidas, and UCB watches, retails through more than 5,000 offline stores and major e-commerce platforms. It also operates over 40 exclusive franchise stores under the Timex World and Just Watches banners.
At 9:20 AM today, Timex Group India shares were trading at Rs 251, down Rs 13.20 or 5% from the previous close of Rs 264.20. The stock's 52-week range stands between Rs 117.90 and Rs 289.90, with a market capitalization of Rs 25,340 crore.
Disclaimer: The information provided is for informational purposes only and should not be considered financial or investment advice. Stock market investments are subject to market risks. Always conduct your own research or consult a financial advisor before making investment decisions. Author or Business Upturn is not liable for any losses arising from the use of this information.
Ahmedabad Plane Crash
Aditya Bhagchandani serves as the Senior Editor and Writer at Business Upturn, where he leads coverage across the Business, Finance, Corporate, and Stock Market segments. With a keen eye for detail and a commitment to journalistic integrity, he not only contributes insightful articles but also oversees editorial direction for the reporting team.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Upturn
a day ago
- Business Upturn
KPIT Technologies completes acquisition of Caresoft for $157 million
By Aditya Bhagchandani Published on August 16, 2025, 13:11 IST KPIT Technologies announced on Friday that it has completed the acquisition of Caresoft, finalizing the deal at a revised value of up to USD 157 million. The transaction covers Caresoft Global Technologies, Inc. USA, Caresoft Engineering Services Limited, UK, CAREGLOTECH de RL de CV Mexico, and OXI SRL Italy. The acquisition was first disclosed in May 2025 with an estimated deal size of USD 191 million. However, after negotiations and considering changes in the global business environment, the final consideration was reduced to USD 157 million, which also includes a USD 15 million variable pay component tied to revenue and business synergy milestones. Ahead of the completion, KPIT had infused EURO 28 million and USD 28 million into its UK and US subsidiaries, respectively, to strengthen the capital structure required for the acquisition. Following the satisfaction of all precedent conditions, KPIT Technologies (UK) Limited and KPIT Technologies Inc, USA have paid the initial consideration of USD 51 million to acquire full ownership of the Caresoft entities. This acquisition aligns with KPIT's strategy of strengthening its global presence in automotive engineering and expanding capabilities across the U.S., Europe, and Mexico. Ahmedabad Plane Crash Aditya Bhagchandani serves as the Senior Editor and Writer at Business Upturn, where he leads coverage across the Business, Finance, Corporate, and Stock Market segments. With a keen eye for detail and a commitment to journalistic integrity, he not only contributes insightful articles but also oversees editorial direction for the reporting team.
Business Upturn
a day ago
- Business Upturn
Style Baazar opens new store in Assam, total count reaches 236
By Aditya Bhagchandani Published on August 16, 2025, 13:14 IST Baazar Style Retail Limited announced on Saturday that it has opened a new Style Baazar outlet in Bihpuria, Assam, further strengthening its retail presence in the Northeast. With this addition, the company's total store count has reached 236 across India. The announcement was made through a regulatory filing under SEBI's Listing Obligations and Disclosure Requirements, where the company confirmed the inauguration of the Assam store on August 16, 2025. The expansion reflects the retailer's continued strategy of scaling its footprint in Tier-II and Tier-III cities. Baazar Style Retail, listed on both BSE and NSE under the trading symbol STYLEBAAZA , operates a network of fashion and lifestyle stores catering to a broad customer base. The company has been gradually expanding its store network in emerging markets, focusing on affordability and accessibility for value-conscious consumers. With this latest launch, Style Baazar continues its growth trajectory in India's competitive retail sector, maintaining momentum as it eyes further regional expansions. Ahmedabad Plane Crash Aditya Bhagchandani serves as the Senior Editor and Writer at Business Upturn, where he leads coverage across the Business, Finance, Corporate, and Stock Market segments. With a keen eye for detail and a commitment to journalistic integrity, he not only contributes insightful articles but also oversees editorial direction for the reporting team.
Business Upturn
2 days ago
- Business Upturn
US President Donald Trump lands in Anchorage ahead of high-stakes talks with Russian President Vladimir Putin
By Aditya Bhagchandani Published on August 16, 2025, 00:02 IST United States President Donald Trump arrived in Anchorage, Alaska, on Friday ahead of his first meeting with Russian President Vladimir Putin since 2019. The summit, scheduled for 11:00 am local time at Joint Base Elmendorf-Richardson, is aimed at exploring potential steps toward ending the Ukraine war. Speaking aboard Air Force One before landing, Trump warned he 'would walk if the meeting doesn't go well.' He reiterated the position in an earlier interview with Fox News' Bret Baier, stating the US would not conduct business with Russia unless Moscow agreed to end the fighting in Ukraine. The talks are expected to focus on security guarantees for Ukraine, arms control, and broader US-Russia relations. Trump has suggested land swaps as a possible peace solution, though the idea has not gained support from Kyiv or its European allies. The Kremlin has indicated the meeting could last up to seven hours, underscoring its scope and complexity. This encounter marks the most significant direct engagement between the two leaders in years, with both sides under pressure to demonstrate tangible progress toward peace. Ahmedabad Plane Crash Aditya Bhagchandani serves as the Senior Editor and Writer at Business Upturn, where he leads coverage across the Business, Finance, Corporate, and Stock Market segments. With a keen eye for detail and a commitment to journalistic integrity, he not only contributes insightful articles but also oversees editorial direction for the reporting team.
