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 November 1, 2022, approved the issuance of upto 25,00,000, 0.09% Non-Cumulative Redeemable Non-Convertible Preference shares of Rs.10/-each at par aggregating to Rs. 2,50,00,000/- on private placement basis to M/s Timex Group Luxury Watches B.V., Netherlands, the Holding Company. The proceeds of the issue will be utilized towards redemption of existing 25,00,000, 0.1% Non-Cumulative Redeemable Non-Convertible Preference shares which are due for redemption on March 24, 2023. The disclosures required to be given pursuant to SEBI circular CIR/CFD/CMD/4/2015 dated September 9, 2015 are enclosed as Annexure-A.