GRT Jewellers to acquire 74.12% promoter stake in TBZ
GRT Jewellers has agreed to acquire a controlling promoter stake in Tribhovandas Bhimji Zaveri for up to ₹1,033.71 crore, followed by a mandatory open offer for up to 26% at ₹249.61 a share. The transaction could strengthen TBZ’s expansion in southern India, subject to approvals.
What happened
Tribhovandas Bhimji Zaveri (TBZ) · GRT Jewellers plans to acquire control of TBZ through a 74.12% promoter-stake purchase and a mandatory open offer. The deal
Key facts
- GRT Jewellers agreed to acquire a 74.12% promoter stake in TBZ
- Promoter-stake consideration: up to Rs 1,033.71 crore
- Acquisition price: Rs 209 per share
- Open offer: additional 26% stake at Rs 249.61 per share
- TBZ shares rose 72.18% in six trading sessions to Rs 519.75
- FY26 revenue: Rs 3,203 crore
- FY26 EBITDA: Rs 369 crore; margin: 12%
- FY26 PAT: Rs 202 crore
- Borrowings: Rs 886 crore; finance costs: Rs 77 crore
Why this matters
The deal demonstrates how acquiring an established jewellery brand and its promoter control can offer faster geographic expansion than building a southern retail footprint organically.
What to watch
- Regulatory approval timeline and any conditions imposed on the acquisition.
- Actual promoter-stake closing price, final transaction structure and funding mix.
- Open-offer launch date, shareholder tender response and GRT's post-offer ownership percentage.
- Changes to TBZ board composition, managing leadership and auditor or related-party disclosures.
- Quarterly same-store sales, gross margin, inventory days, debt and working-capital movement at TBZ.
- Store opening, closure or refurbishment announcements, especially in southern India.
- Gold-price volatility and any change in jewellery demand around wedding and festival seasons.
- Seek Competition Commission of India, stock-exchange and other applicable transaction approvals, then complete promoter-stake transfer.
- Launch the mandatory open offer for up to 26% of TBZ shares at ₹249.61 per share after prescribed regulatory steps.
- Announce board, senior-management and governance changes at TBZ following closing.
- Review TBZ's store portfolio, lease commitments, inventory mix and city-level expansion pipeline.
- Introduce joint sourcing, gold-risk management, loyalty, bridal marketing and omnichannel initiatives while preserving TBZ brand equity.