GRT Jewellers to acquire 74% stake in TBZ for Rs 1,034 crore

GRT Jewellers India Private Limited has signed a share purchase agreement to acquire a 74.12% controlling stake in Tribhovandas Bhimji Zaveri Limited (TBZ) for approximately Rs 1,033.71 crore. The acquisition, which is subject to regulatory approvals, aims to expand GRT's pan-India presence by incorporating TBZ's 37 existing stores into its network.

Following the announcement, TBZ shares experienced a significant rally, trading up over 9% to reach an intraday high of Rs 430.00. This surge follows the company hitting a previous 52-week high of Rs 366.80. As part of the transaction, GRT will also launch a mandatory open offer for the remaining ~26% of the company in accordance with SEBI regulations.