The subsidiary was incorporated on 19 March 2025 and will operate in the watch products industry. The cost of acquisition for the shares was Rs 1.6 crore, representing the initial subscription in the form of equity share capital. The authorized share capital of Artisan Watch Products is Rs 5 crore, divided into 50 lakh equity shares of Rs 10 each. The subscribed and paid-up capital is Rs 2 crore, divided into 20 lakh equity shares of Rs 10 each. The transaction was made on a cash consideration basis.
The company has undertaken to subscribe to 80% of the shareholding in Artisan Watch Products.
The company clarified that the initial subscription does not constitute a related party transaction. Additionally, Yashovardhan Saboo, the promoter of KDDL, has committed to subscribing to 20% equity in Artisan Watch Products.
The official announcement was made on 20 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.