KDDL advanced 2.44% to Rs 3,056.80 after the company announced that its wholly owned subsidiary, Mahen Distribution, had acquired 8,74,000 partly paid-up equity shares of Silvercity Brands AG, a Switzerland-based watch company.
Silvercity Brands AG is a Switzerland-based watch company, incorporated on 6 March 2023, under Swiss law. The registered office of the company is located at Allerheiligenstrasse 30, 2540 Grenchen, Switzerland.
The acquisition will support Silvercity’s expansion in the watch and luxury product markets, including the purchase, sale and marketing of watches and related products. The company may also establish branches and subsidiaries in Switzerland and abroad, as well as provide financing and security for its subsidiaries and third parties.
Mahen Distribution has acquired 8,74,000 equity shares of CHF 1 each at an acquisition price of CHF 2.86 per share, with the transaction completed via the online banking system. The deal was conducted at arm’s length.
Silvercity Brands AG is a subsidiary of KDDL, which directly and indirectly (through Mahen Distribution and Ethos) holds 93.07% equity in the company.
The official announcement was made on 18 March 2025, after market hours.
KDDL is one of the leading companies of India engaged in the manufacture of watch components, high-quality precision stamped components and progressive tools for a wide range of engineering applications. KDDL also owns the largest retail chain of luxury watches in India through its subsidiary, Ethos.
The company’s consolidated net profit jumped 25.5% to Rs 32.47 crore on 26.8% rise in revenue from operations to Rs 472.03 crore in Q3 FY25 over Q3 FY24.
