GRT Jewellers to buy 74.12% of TBZ in ₹1,034 crore control deal

GRT Jewellers plans to acquire a 74.12% controlling stake in 162-year-old Tribhovandas Bhimji Zaveri for up to ₹1,033.71 crore, followed by a mandatory open offer. Pending approvals, the deal could combine GRT’s southern India strength with TBZ’s 37-store western India presence.

— Source publishedWed, 2 Sept, 2026, 20:44 IST·First seen Wed, 2 Sept, 2026, 21:53 IST·Source NDTV Profit

What happened

Tribhovandas Bhimji Zaveri (TBZ) · GRT Jewellers plans to acquire a 74.12% controlling stake in TBZ for up to Rs 1,033.71 crore, triggering an open offer.

Key facts

  • TBZ shares rose 46.9% in three trading sessions
  • Share price increased from Rs 292.70 on Aug. 31 to Rs 430
  • Price band reduced to 10%
  • GRT will acquire 74.12% of TBZ for up to Rs 1,033.71 crore
  • Transaction covers 4,94,59,775 shares
  • Acquisition price capped at Rs 209 per share
  • Mandatory open offer for up to 25.88% of voting share capital at Rs 249.61 per share
  • TBZ has 37 stores
  • TBZ brand is 162 years old

Why this matters

This is a strategic control transaction pairing GRT’s southern India base with TBZ’s 37-store western network, illustrating how established regional jewellers can use acquisitions to build national scale.

What to watch

  • Open-offer price, acceptance level and final GRT ownership stake.
  • Approval timeline and any conditions imposed by regulators or stock exchanges.
  • Management retention, board changes and continuity of TBZ's brand positioning.
  • Same-store sales, gross margin and inventory-turn trends at TBZ after closing.
  • Gold-price movements, consumer demand in wedding seasons and financing costs.
  • Announcements of new stores or conversions in Maharashtra, Gujarat and southern India.
  • Launch the mandatory open offer and complete regulatory, exchange and shareholder approval processes.
  • Set a post-close governance plan that preserves TBZ's heritage brand while installing GRT operating controls.
  • Rationalize procurement, gold inventory, hedging and vendor terms to capture scale benefits.
  • Prioritize western India store upgrades, selective expansion and cross-selling of bridal, diamond and lightweight jewellery.
  • Evaluate a unified loyalty, digital commerce and CRM strategy without alienating TBZ's legacy customer base.