GRT Jewellers (India) Private Limited has signed a share purchase agreement to acquire a 74.12% controlling stake in Mumbai-based Tribhovandas Bhimji Zaveri Ltd (TBZ), popularly known as TBZ – The Original, from its promoters for an aggregate consideration of up to ₹1,033.71 crore.
Quick Summary
- GRT Jewellers will acquire a 74.12% controlling stake in TBZ.
- The promoter stake acquisition is valued at up to ₹1,033.71 crore.
- GRT will purchase 4,94,59,775 equity shares at a maximum price of ₹209 per share.
- A mandatory open offer has been launched for up to 25.88% of TBZ’s voting share capital at ₹249.61 per share.
- The open offer could involve a maximum cash outlay of approximately ₹431.10 crore.
- GRT currently operates 68 stores in India and one in Singapore, while TBZ operates 37 stores.
- The combined retail network will exceed 100 stores.
- The transaction remains subject to regulatory approvals and customary closing conditions.
GRT Jewellers Signs Agreement to Acquire Controlling Stake
GRT Jewellers (India) Private Limited has signed a share purchase agreement to acquire a 74.12% controlling stake in Mumbai-based Tribhovandas Bhimji Zaveri Ltd (TBZ), popularly known as TBZ – The Original, from its promoters for an aggregate consideration of up to ₹1,033.71 crore.
Transaction Details and Regulatory Conditions
Under the agreement announced on 31 August 2026, GRT will purchase 4,94,59,775 equity shares at a maximum price of ₹209 per share. The transaction is subject to regulatory approvals and customary closing conditions. Once completed, GRT will gain sole control of the 162-year-old jewellery retailer, and the existing promoter family will exit the company.
Mandatory Open Offer Under SEBI Takeover Regulations
In line with SEBI takeover regulations, GRT has also launched a mandatory open offer to acquire up to 1,72,70,845 equity shares, representing 25.88% of TBZ’s voting share capital, from public shareholders at ₹249.61 per share. If fully accepted, the open offer would involve a maximum cash outlay of approximately ₹431.10 crore. The combined potential outlay for the promoter stake and open offer stands at around ₹1,465 crore.
GRT and TBZ Bring Complementary Retail Footprints
The acquisition marks a significant step in GRT’s ambition to build a stronger pan-India presence. GRT currently operates 68 stores across India and one in Singapore. TBZ, founded in 1864, runs a network of 37 stores with a particularly established footprint in western India.
GRT Leadership Highlights the Legacy and Growth Opportunity
G.R. ‘Ananth’ Ananthapadmanabhan, Managing Director of GRT Jewellers, said: “We are truly excited to acquire the 162 years old Legacy Brand TBZ. This very well fits into our Strategy of spreading our presence across India with TBZ having 37 Stores. We are committed to create value for all Stakeholders, our Customers, Shareholders, Employees, Vendors, Bankers and other Associates in the years to come.”
GRT Calls the Acquisition Transformative
G.R. Radhakrishnan, Managing Director of GRT Jewellers, said: “This acquisition is truly transformative for GRT. Our long-awaited aspiration of building a meaningful Pan-India presence is now becoming a reality. We believe the complementary strengths of both organizations – their heritage, customer relationships and merchandise portfolio, together with GRT’s retail capabilities and growth orientation—create a powerful retail experience taking TBZ into its next phase of growth and creating value for all stakeholders.”
TBZ Shares Hit Upper Circuit Following Acquisition News
Investors reacted positively. On Tuesday, 1 September 2026, TBZ shares surged nearly 20% to hit the upper circuit and touch a record high of around ₹366.80. Trading volumes rose sharply, several times the stock’s 30-day average. The stock had already gained significantly in the preceding weeks and months.
Acquisition Price Trades at a Discount to Market Price
The promoter acquisition price of ₹209 represents a discount of roughly 31–32% to TBZ’s closing price of about ₹305–306 on 31 August. Market participants view the change in ownership as a potential catalyst for fresh growth, given GRT’s scale and operational capabilities.
Broader Context
India’s organised jewellery retail sector continues to consolidate as consumers increasingly prefer established brands for trust, transparency and service. The GRT–TBZ combination brings together a strong southern player with a historic western and northern presence, creating a larger national footprint of more than 100 stores.
Transaction Awaits Regulatory Clearances
The deal remains subject to necessary regulatory clearances. Both companies have indicated that the brands will continue to operate and be developed further under the new ownership structure.
FAQs
What stake is GRT Jewellers acquiring in TBZ?
GRT Jewellers will acquire a 74.12% controlling stake in Tribhovandas Bhimji Zaveri Ltd (TBZ).
What is the value of the promoter stake acquisition?
The promoter stake acquisition is for an aggregate consideration of up to ₹1,033.71 crore.
How many TBZ shares will GRT acquire?
GRT will purchase 4,94,59,775 equity shares at a maximum price of ₹209 per share.
What is the TBZ open offer price?
The mandatory open offer to public shareholders is priced at ₹249.61 per share.
How much could the open offer cost GRT?
If fully accepted, the open offer would involve a maximum cash outlay of approximately ₹431.10 crore.
How many stores will GRT and TBZ have together?
GRT operates 69 stores across India and Singapore, while TBZ operates 37 stores, creating a combined network of more than 100 stores.
Is the acquisition completed?
No. The transaction remains subject to necessary regulatory approvals and customary closing conditions.
Will TBZ continue operating under its existing brand?
Both companies have indicated that the brands will continue to operate and be developed further under the new ownership structure.
Source: SVAR Media Network
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