Timex Group India Limited announced a private placement of up to 25,00,000, 0.09% non-cumulative redeemable non-convertible preference shares of INR 10 each at par aggregating to INR 2,50,00,000 on private placement basis on May 26, 2022. The preference shares will be redeemable after 5 years from the date of allotment with an option with the company for an early redemption anytime. The preference shares are unsecured and do not carry any charge on the assets of the company.

The preference shares shall carry a preferential right vis-à-vis Equity Shares of the company with respect to the payment of dividend and repayment in case of winding up or repayment of capital. The transaction has been approved by the board of directors.