Timex Group India Limited informed that the Board of Directors has, in its meeting held on October 8, 2024, approved the issuance of fresh unlisted 27,315,264, 10.75% Cumulative Redeemable Non-Convertible Preference Shares of INR 10 each amounting to INR 273,152,640 on private placement basis to M/s Timex Group Luxury Watches B.V., Netherlands, the Holding Company, against redemption of existing 15,700,000, 13.88% Cumulative Redeemable Non-Convertible Preference shares of INR 10 each amounting to INR 157,000,000 and unpaid accumulated dividend of INR 130,391,380 as reduced by INR 14,238,740 of tax deducted at source. Details of redemption of preference shares indicating the manner of redemption (whether out of profits or out of fresh issue) and debentures; The preference shares shall be redeemed only out of the profits of the Company which would otherwise be available for dividends or out of proceeds of fresh issue of shares made for the purpose of redemption.