GRT Jewellers to acquire TBZ promoters’ 74.12% stake for ₹1,034 crore

GRT Jewellers will buy the TBZ promoters’ 74.12% holding for up to ₹1,033.71 crore and make a mandatory 26% open offer. Subject to approvals, the deal adds TBZ’s 37 outlets to GRT’s 69-store India-and-Singapore network, creating a combined 106-store jewellery footprint.

— Source publishedTue, 1 Sept, 2026, 00:16 IST·First seen Tue, 1 Sept, 2026, 00:24 IST·Source ET Small Business

What happened

GRT Jewellers will acquire TBZ promoters’ 74.12% stake for up to ₹1,033.71 crore and launch an open offer. The deal gives GRT sole control of TBZ, expanding its

Key facts

  • 74.12% stake
  • ₹1,033.71 crore
  • 49.46 million shares
  • ₹209 per share
  • 26% mandatory open offer
  • TBZ share price ₹305.45
  • 37 TBZ outlets
  • 68 GRT stores in India
  • 1 GRT store in Singapore
  • 106 combined retail stores

Why this matters

This transaction shows how acquiring a listed regional jewellery brand can rapidly add 37 outlets and accelerate national consolidation versus building stores organically.

What to watch

  • Open-offer price, shareholder tender participation and GRT's final post-offer ownership.
  • Regulatory approval timing and any conditions attached to the transaction.
  • Management guidance on transaction financing, debt levels, interest cost and working-capital impact.
  • Same-store sales trends at TBZ outlets following the ownership announcement and closing.
  • Disclosure of cost synergies, integration expenses, store rationalisation or capex plans.
  • Gold-price movements, jewellery demand around wedding/festival periods and competitive responses from Titan, Kalyan, Senco and regional chains.
  • Any decision to preserve, reposition or retire the TBZ brand.
  • Launch the mandatory 26% open offer and disclose the offer price, funding structure and timetable.
  • Seek competition, stock-exchange and other applicable regulatory approvals for the change in control.
  • Define whether TBZ will remain a standalone consumer brand or be progressively rebranded under GRT.
  • Review the combined store portfolio for overlapping locations, lease renewals, refurbishment requirements and expansion whitespace.
  • Integrate gold sourcing, inventory planning, customer-loyalty data, e-commerce, finance and supply-chain systems.
  • Retain key TBZ store, merchandising and regional leadership to protect customer relationships during transition.