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Timex to come out with preferential allotment

Our Bureau

CHENNAI, July 20

THE Netherlands-based Timex Watches BV, the promoter of Timex Watches, has decided to induct fresh capital into the Indian company to meet the immediate requirements of funds. This is to be done by way of a preferential allotment of 1.7 crore shares of R s 10 each at a premium of Rs 0.70 per share determined as per SEBI guidelines.

The foreign parent is also planning to seek the permission of the Foreign Investment Promotion Board to increase its shareholding in the company.

A resolution to this effect will be placed for the approval of shareholders on the 13th annual general meeting of the company on August 1.

At present, the promoter company, along with its associate company -- Time Master BV-- holds 4,73,34,100 equity shares of Rs 10 each, representing 74.02 per cent in the share capital of the Indian company.

After the preferential allotment, the holding of the two foreign companies would go up to 79.48 per cent and the holding of the public would stand reduced to 20.52 per cent from the present 25.98 per cent.