JM Financial Limited, as the manager of the offer has announced an open offer for acquisition of up to 25,304,900 fully paid up equity shares of face value of INR 1 (Indian Rupee One) each ("Equity Shares") of Timex Group India Limited ("Target Company"), representing 25.07% of the Voting Share Capital, from the Public Shareholders of the Target Company, by Timex Group Luxury Watches B.V., ("Acquirer") together with BP Horological Investors, L.L.C. ("PAC 1"), BP Horological Holdings, L.L.C. ("PAC 2") and Tanager Group B.V. ("PAC 3") (collectively, "PACs"), as the persons acting in concert with the Acquirer ("Open Offer" or "Offer").
The price to be paid is INR 24.26 per Offer Share ("Offer Price") which has been determined in accordance with Regulation 8(3) and other applicable provisions of the SEBI (SAST) Regulations. Assuming full acceptance of the Offer, the aggregate consideration payable to the Public Shareholders in accordance with the SEBI (SAST) Regulations will be up to INR 61,38,96,874 (INR Sixty One Crores Thirty Eight Lakhs Ninety Six Thousand Eight Hundred and Seventy Four).
Shares of TIMEX GROUP INDIA LTD. was last trading in BSE at Rs.25.25 as compared to the previous close of Rs. 26.15. The total number of shares traded during the day was 33685 in over 140 trades.
The stock hit an intraday high of Rs. 26.95 and intraday low of 25.1. The net turnover during the day was Rs. 865420.