GRT Jewellers to acquire 74.12% stake in TBZ for ₹10.34 billion
Chennai-based GRT Jewellers has agreed to buy a controlling 74.12% stake in Tribhovandas Bhimji Zaveri at ₹209 per share and will make a mandatory open offer for the remaining shares. TBZ stock hit a record high as investors priced in growth potential under new ownership.
What happened
Tribhovandas Bhimji Zaveri (TBZ) · GRT Jewellers agreed to buy a controlling 74.12% stake in TBZ for ₹10.34 billion and will make an open offer for the
Key facts
- GRT Jewellers will acquire a 74.12% stake in TBZ
- Deal value: ₹10.34 billion
- Acquisition price: ₹209 per share
- Price was a 31.6% discount to TBZ's Monday closing price
- Mandatory open offer for remaining 26% stake
- TBZ shares rose 17.2% to a record high
- 52-week high: ₹430 on NSE
- Shares traded at ₹400.40 at 10:57 am
- Previous close: ₹366.80
- Shares had risen 20% to upper circuit in prior session
Why this matters
The ₹10.34 billion purchase of 74.12% of TBZ gives GRT immediate control of a recognised jewellery platform and, through the mandatory open offer, a path to further consolidate ownership and scale in a fragmented market.
What to watch
- SEBI and competition/regulatory approval timeline, plus the precise mandatory open-offer price and acceptance terms.
- Any revision to the ₹209-per-share transaction price, competing bid, or explanation for TBZ's market price above the announced control-purchase price.
- Promoter and public-shareholder response to the open offer, including tender participation and resulting free float.
- GRT's disclosed funding mix, leverage impact, and whether acquisition financing constrains store expansion or dividends.
- TBZ quarterly same-store sales growth, gross-margin trend, inventory days, and gold-price exposure.
- Board and senior-management changes, store closures/openings, and evidence of procurement or operating synergies.
- GRT files the mandatory open-offer documentation and discloses final offer terms, financing structure, and post-acquisition shareholding.
- TBZ board is reconstituted, with GRT nominees taking operating and capital-allocation control after closing.
- Management reviews TBZ's store portfolio, lease obligations, inventory turns, vendor contracts, and loss-making locations.
- GRT pursues procurement consolidation, shared gold sourcing, centralised back-office functions, and selective cross-brand expansion.
- TBZ increases marketing around wedding and festive demand while repositioning its heritage brand under GRT ownership.