Timex Group India to raise Rs 35 cr

New Delhi, Aug 24 (PTI) Watchmaker Timex Group India Ltd would raise Rs 35 crore from the market by issuing 3.5 crore cumulative redeemable non-convertible preference shares. 

The board of the company in a meeting held today "approved issues and offer of 5 per cent 3.5 crore cumulative redeemable non convertible preference share of Rs 10 each, redeemable after 10 years," Timex Group India informed BSE.

However, it also added that it will be "with an option to the company for an early redemption after five years fully paid up for cash at par, aggregating Rs 35 crore on private placement basis to Ms Timex Group Luxury Watches BV, Netherlands, the holding company".

Shares of Timex Group India today settled at Rs 38.25 on BSE, up 0.79 per cent from the previous close.