GRT Jewellers to Acquire 74.12% Stake in TBZ for Rs 1,034 Crore
· Business · Economic Times, Moneycontrol
GRT Jewellers has signed an agreement to acquire a 74.12% controlling stake in Tribhovandas Bhimji Zaveri Ltd, commonly known as TBZ, for up to Rs 1,033.71 crore. The transaction involves the purchase of 49.46 million shares from the existing promoter family at a price of up to Rs 209 per share. Following the acquisition, GRT will initiate a mandatory open offer to public shareholders as required by Indian takeover regulations. This deal will add 37 stores to GRT's existing network of 68 locations in India and one in Singapore. The final purchase price remains subject to a potential downward revision based on an audit, though it cannot be increased.
Why it matters
The acquisition marks the consolidation of two of India's oldest jewellery retail chains, effectively ending the promoter family's control over the 160-year-old TBZ brand. The move significantly expands GRT's national footprint and market presence in the competitive Indian jewellery retail sector.
Read the original report — Economic Times
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