GRT Jewellers to Acquire 74.12% Stake in TBZ for Up to Rs 1,034 Crore

GRT Jewellers has agreed to buy a 74.12% stake in Tribhovandas Bhimji Zaveri, subject to approvals and closing conditions, and plans an open offer for the remaining 26%. The transaction would add TBZ’s 37-store network to GRT’s expansion platform.

— Source publishedFri, 4 Sept, 2026, 10:13 IST·First seen Fri, 4 Sept, 2026, 10:25 IST·Source NDTV Profit

What happened

Tribhovandas Bhimji Zaveri · GRT Jewellers plans to acquire a 74.12% stake in jewellery retailer TBZ for up to Rs 1,034 crore, followed by a 26% open offer. The

Key facts

  • GRT Jewellers agreed to acquire a 74.12% stake in TBZ
  • Transaction value: up to Rs 1,034 crore
  • GRT will make an open offer for an additional 26% stake
  • TBZ operates 37 stores in India
  • TBZ has a 162-year history
  • TBZ shares hit a 10% upper circuit at Rs 472.50
  • Stock rose 56% in five sessions

Why this matters

Acquiring 74.12% of TBZ gives GRT control of a 162-year-old brand and established retail footprint, while the mandatory open offer provides a path to fuller ownership.

What to watch

  • Completion of regulatory, shareholder and closing-condition approvals.
  • Open-offer price, acceptance level and GRT’s final post-offer ownership.
  • Management continuity at TBZ and any changes to board composition.
  • Same-store sales, gross margin and inventory-turn trends at TBZ after closing.
  • Store closures, refurbishments, new-store announcements or consolidation of back-office functions.
  • Gold-price volatility and its effect on consumer demand, working capital and hedging requirements.
  • Evidence of procurement savings or improved product mix from GRT-TBZ integration.
  • File and progress the mandatory open offer and transaction-related regulatory disclosures.
  • Set post-closing governance, leadership retention and brand-positioning plans for TBZ.
  • Review store-by-store profitability, lease terms, catchment overlap and expansion potential across TBZ’s 37 outlets.
  • Integrate bullion procurement, jewellery manufacturing/vendor relationships, inventory allocation and hedging practices where economically viable.
  • Deploy GRT’s customer relationship management, omnichannel selling, loyalty and bridal-category capabilities to TBZ’s customer base.
  • Assess capital needs for store refurbishments, inventory refreshes and selective western-India expansion.