GRT Jewellers to acquire 74.12% promoter stake in TBZ for up to ₹1,033.71 crore

GRT Jewellers plans to buy a 74.12% promoter stake in Tribhovandas Bhimji Zaveri and make an open offer for up to another 26%. The transaction, subject to approvals and closing conditions, would advance GRT’s national expansion while giving TBZ fresh backing for growth across its 37 locations.

— Source publishedWed, 2 Sept, 2026, 09:45 IST·First seen Wed, 2 Sept, 2026, 09:52 IST·Source Mint · Markets

What happened

Tribhovandas Bhimji Zaveri (TBZ) · GRT Jewellers will acquire a 74.12% promoter stake in jewellery retailer TBZ for up to ₹1,033.71 crore and launch an open

Key facts

  • GRT to acquire 74.12% promoter stake in TBZ
  • Transaction consideration up to ₹1,033.71 crore
  • GRT to make an open offer for an additional 26% stake
  • TBZ operates 37 locations nationwide
  • TBZ share price rose over 11% to an intraday high of ₹430
  • TBZ shares gained 32% in one week, 46% in one month and 145% YTD

Why this matters

This transaction illustrates how acquiring a heritage jewellery brand with an established retail network can accelerate geographic scale, though valuation discipline, control terms and integration synergies will determine deal success.

What to watch

  • Open-offer price, acceptance level and resulting GRT shareholding.
  • SEBI, stock-exchange, competition and other required approval timelines.
  • Funding mix and any leverage impact from the up-to-₹1,033.71-crore transaction.
  • Management-retention announcements and board composition after closing.
  • Whether TBZ remains a standalone premium heritage brand or is progressively integrated with GRT.
  • Same-store sales, gross-margin trends and inventory turnover at TBZ during the transition.
  • New-store announcements in western and northern markets, where TBZ can provide an established foothold.
  • File and launch the mandatory open offer for up to the remaining 26% stake.
  • Secure competition, securities-market and other transaction approvals, then complete promoter-share transfer.
  • Set a post-close governance structure and determine TBZ leadership continuity, brand architecture and operating autonomy.
  • Prioritise jewellery sourcing, inventory planning, loyalty, digital commerce and marketing synergies before broad store-network changes.
  • Evaluate TBZ's 37-store portfolio for upgrades, relocations, new-format expansion and entry into markets where GRT has limited presence.