Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, this is to inform you that the Board of Directors has, in its meeting held today i.e. on October 8, 2024, approved the issuance of fresh unlisted 2,73,15,264, 10.75% Cumulative Redeemable Non-Convertible Preference Shares of Rs. 10/- each amounting to Rs. 27,31,52,640/- on private placement basis to M/s Timex Group Luxury Watches B.V., Netherlands, the Holding Company, against redemption of existing 1,57,00,000, 13.88% Cumulative Redeemable Non-Convertible Preference shares of Rs. 10/- each amounting to Rs. 15,70,00,000/- and unpaid accumulated dividend of Rs. 13,03,91,380/- as reduced by Rs. 1,42,38,740/- of tax deducted at source. The disclosures required to be given pursuant to SEBI circular SEBI/HO/CFD/CFD-PoD-1/P/CIR/2023/123 dated July 13, 2023 are as enclosed. Time of Commencement of Board Meeting: 5:00 PM Time of conclusion of Board Meeting : 5:20 PM