Trading Members and Custodians are requested to note that Securities Exchange Board of India (SEBI) has issued Mechanism for acquisition of shares through Stock Exchange pursuant to Tender-Offers under Takeover, Buy Back and De-listing vide its circular no. CIR/CFD/POLICYCELL/1/2015 dated April 13, 2015 and no. CFD/DCR2/CIR/P/2016/131 dated Dec 09, 2016. The Exchange vide its notice no. 20170210-16 dated Feb 10, 2017,20190424-35 dated April 24, 2019 and 20200528-32 dated 28 May 2020 and 20201102-43 dated 02 Nov 2020 has issued Revised Guidelines of Mechanism for acquisition of shares through Stock Exchange pursuant to Tender-Offers under Takeovers, Buy Back and Delisting.
All Market Participants are hereby informed that an Open Offer is made by Timex Group Luxury Watches B.V. (the “ACQUIRER”) along with BP Horological Investors, L.L.C. (“PAC 1”), BP Horological Holdings, L.L.C. (“PAC 2”), Tanager Group B.V. (“PAC 3”), (PAC 1, PAC 2 and PAC 3 are collectively referred to as the “PACs”) at a price of Rs. 24.54 per Equity Share, which includes a price per share of Rs. 24.26 and an enhancement of Rs. 0.28 per Equity Share (representing a rate of 10% per annum for the period between the date in India when PAC 2 executed the SPA and the date of publication of the Detailed Public Statement, payable in cash, to acquire up to 25,304,900 fully paid up Equity Shares of face value of Re. 1 each (“Offer Shares”), representing 25.07% of the Voting Share Capital in accordance with the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 and subsequent amendments thereto (“SEBI (SAST) Regulations”) from the Public Shareholders of Timex Group India Limited (“Target Company”), from March 9, 2021 to March 23, 2021.
Letter of Offer is herewith attached for your perusal.
Market participants are further requested to note that this offer will be as per the Revised Guidelines of SEBI circular no. CFD/DCR2/CIR/P/2016/131 dated Dec 09, 2016 and Exchange notice no. 20170210-16 dated Feb 10, 2017 and 20190424-35 dated April 24, 2019 along with the details of this Offer to Buy would be available on BSE Website – www.bseindia.com.
Atul Dhotre
Senior Manager
Listing Sales & Ops
March 05, 2021
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