Timex promoter offloads 15% stake in Indian arm through OFS

Timex Group India Ltd on Friday announced that its promoter, Timex Group Luxury Watches BV, has divested 15,142,500 equity shares of the company, representing 15 per cent of its total paid-up equity share capital. The stake sale was carried out through the offer-for-sale (OFS) route on June 25 and June 26, 2025.

Retail investors were allowed to participate in the OFS on Thursday, following the promoter’s decision to exercise the oversubscription (greenshoe) option a day earlier.

“In accordance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2025, we hereby inform you that Timex Group Luxury Watches BV, the Promoter of Timex Group India Limited (the Company), pursuant to the notice dated June 24, 2025 and letter dated June 25, 2025, has informed the Company that it has sold 15,142,500 equity shares of the Company having a face value of Re 1 each (representing 15 per cent of the total issued and paid-up equity share capital of the Company) on June 25, 2025 and June 26, 2025 through an Offer for Sale mechanism,” the company stated in a BSE filing.

Following the sale, the promoter and promoter group shareholding in Timex Group India has reduced from 74.93 per cent to 59.93 per cent.

The announcement was made post-market hours. The floor price for the OFS was set at Rs 175 per share, marking a 22.75 per cent discount to Timex Group India’s closing price of Rs 226.55 on Friday. The stock closed at its 5 per cent lower circuit limit earlier in the day.

As of March 2025, the promoter held a 74.93 per cent stake in the company. For FY25, Timex Group India reported revenue of Rs 538.10 crore.

While the Timex brand remains the company’s flagship offering in India, it continues to expand its portfolio with rising contributions from Helix and TMX.

It also retails a diverse range of global fashion and luxury watch brands, including Guess, Gc, Nautica, Ted Baker, Furla, Adidas Originals, Versace, Salvatore Ferragamo, Philipp Plein and United Colors of Benetton (UCB).