GRT Jewellers to buy 74.12% of TBZ for up to ₹1,034 crore

GRT Jewellers India plans to acquire a controlling stake in Tribhovandas Bhimji Zaveri and launch an open offer for roughly 26% more, subject to approvals. The transaction would add TBZ’s 37-store network to GRT’s 68 Indian stores.

— Source publishedMon, 31 Aug, 2026, 21:52 IST·First seen Mon, 31 Aug, 2026, 22:08 IST·Source Business Standard · Companies

What happened

GRT Jewellers will acquire a 74.12% controlling stake in Tribhovandas Bhimji Zaveri for up to Rs 10.34 billion and launch an open offer for roughly 26% more.

Key facts

  • GRT Jewellers India will acquire a 74.12% stake in Tribhovandas Bhimji Zaveri
  • Stake purchase value: up to Rs 10.34 billion ($108.66 million)
  • Tribhovandas Bhimji Zaveri market capitalisation: Rs 20.38 billion
  • Implied stake value: about Rs 15.11 billion
  • Open offer for about an additional 26% stake
  • Tribhovandas Bhimji Zaveri operates 37 stores
  • GRT operates 68 stores in India and one in Singapore
  • Tribhovandas Bhimji Zaveri was founded in 1864
  • GRT was founded in 1964

Why this matters

GRT’s 74.12% stake purchase and planned open offer for the balance underline a control-oriented consolidation strategy that combines regional strength with a faster pan-India expansion platform.

What to watch

  • Open-offer price, shareholder acceptance level and final post-offer ownership stake.
  • Timeline and conditions attached to regulatory approvals.
  • TBZ same-store sales, gross margin, inventory turns and store-level profitability after announcement.
  • Gold-price direction and its effect on consumer demand, working-capital requirements and hedging costs.
  • Evidence of competing bids, new jewellery-chain M&A, or capital raises by regional rivals.
  • Management commentary on brand architecture, store closures, expansion targets and synergy guidance.
  • Launch the mandatory open offer and secure SEBI, stock-exchange and other transaction approvals.
  • Assess TBZ store-level profitability, lease exposure, inventory quality and geographic overlap with GRT.
  • Decide whether TBZ remains a distinct heritage brand, becomes a premium-format banner, or is progressively rebranded under GRT.
  • Consolidate gold procurement, product design, loyalty programmes, digital commerce and back-office operations.
  • Use the expanded network to pursue new stores in underpenetrated northern and western cities while selectively rationalising weaker locations.