Mumbai, Dec 29 || Shares of Timex Group India fell sharply in early trade on Monday, after the company’s promoter launched a two-day offer for sale (OFS) at a steep discount.
The stock dropped nearly 10 per cent in the morning session -- reflecting selling pressure triggered by the OFS announcement.
The share price of Timex Group India slipped as much as 9.6 per cent to an intra-day low of Rs 318.
The decline came after the promoter fixed the OFS floor price at a significant discount to the stock’s previous closing level.
On Friday, the company informed exchanges that its promoter, Timex Group Luxury Watches B V, plans to sell up to 45,09,250 equity shares with a face value of Rs 1 each.
This represents 4.47 per cent of the total issued and paid-up share capital of the company.
The OFS opened on Monday and will remain open till Tuesday, December 30.