GRT Jewellers to acquire 74.12 pc promoter stake in TBZ for Rs 1,033 crore

GRT Jewellers India has signed an agreement to acquire a 74.12 per cent promoter stake in Tribhovandas Bhimji Zaveri for up to Rs 1,033.71 crore. GRT will also launch an open offer for an additional 26 per cent stake

Hyderabad: GRT Jewellers India Private Limited has signed a share purchase agreement to acquire a 74.12 per cent promoter stake in Tribhovandas Bhimji Zaveri Limited (TBZ) for up to Rs 1,033.71 crore. In compliance with SEBI regulations, GRT will additionally launch an open offer to acquire a further 26 per cent stake in the listed jewellery retailer, according to a press release issued on Tuesday.

The acquisition marks a major milestone for GRT, advancing its long-term strategy to build a meaningful pan-India footprint by integrating TBZ’s 37 stores with its existing network of 68 stores in India and one outlet in Singapore.

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Founded in 1864, TBZ, a 162-year-old legacy brand, brings a rich heritage and integrated manufacturing capabilities to the partnership. Outgoing Chairman and Managing Director Shrikant Zaveri expressed confidence that the brand’s future is secure under GRT’s leadership.

GRT Jewellers Managing Directors G.R. Ananthapadmanabhan and G.R. Radhakrishnan said the acquisition combines complementary strengths in retail capabilities, customer relationships and diverse merchandise portfolios.

The transaction remains subject to customary closing conditions and regulatory approvals. Deloitte and Axis Capital advised on the deal, while Trilegal and AZB & Partners provided legal counsel.