GRT Jewellers India has signed a share purchase agreement to acquire a 74.12% controlling stake in Tribhovandas Bhimji Zaveri for an aggregate value of ₹1,033.71 crore, according to the latest announcement. The transaction involves GRT acquiring 49.46 million shares representing the entire 74.12% stake held by the promoters of TBZ, with the shares priced at ₹209 each subject to regulatory approvals and other conditions. The final price could be revised downwards following an audit but cannot be increased. As per the share purchase agreement, the consummation of the SPA will be subject to appropriate regulatory approvals and customary closing conditions. The deal marks GRT's entry into listed jewellery retail business and significantly expands its pan-India footprint, representing a significant consolidation in India's jewellery retail sector with a South India-focused brand acquiring a jewellery retailer with strong presence in North and Western India.
As part of the acquisition strategy, GRT will also launch a mandatory open offer for an additional 25.88% stake in Tribhovandas Bhimji Zaveri, following applicable SEBI regulations. This open offer component allows GRT to potentially increase its ownership beyond the initial 74.12% stake, subject to regulatory approvals and market conditions. The open offer will be launched for the remaining 25.88% stake currently held by public shareholders, representing TBZ's entire public shareholding as of the announcement date. Following the acquisition, GRT will also launch an open offer for around 26% of TBZ's equity, in accordance with applicable Securities and Exchange Board of India (Sebi) regulations. If the offer is fully accepted, GRT could potentially take its ownership close to the entire equity of the listed jewellery company. According to Motilal Oswal Financial Services, only 40-45% of the jewellery market in India is organized, with Titan remaining the largest player with ~9% share followed by Malabar at ~7% and GRT at 5% among the top 18 jewelry companies tracked.
The acquisition positions GRT Jewellers India to take control of Tribhovandas Bhimji Zaveri, a well-established jewellery retailer with a 162-year legacy dating back to 1864. According to the latest reports, this strategic move represents a significant expansion for GRT in the premium jewellery segment, leveraging the combined strengths of both companies to enhance market presence and operational capabilities. G.R. Radhakrishnan, Managing Director of GRT Jewellers, described the acquisition as "truly transformative," stating it fulfills their long-awaited aspiration of building meaningful pan-India presence. G.R. 'Ananth' Ananthapadmanabhan, MD, GRT Jewellers, emphasized that TBZ's 162-year legacy and retail network align perfectly with their strategy of expanding across India, with the acquisition fitting into their strategy of spreading presence across India. GRT Managing Director G.R. Ananth Ananthapadmanabhan specifically noted that the deal "very well fits into our strategy of spreading our presence across India," referring to TBZ's extensive 37-store network. GRT's management team will work with TBZ's senior executives to identify new growth opportunities and strengthen the jewellery retailer's business, as reported by NDTV Profit. G.R. 'Ananth' Ananthapadmanabhan added that they are "truly excited to acquire the 162 years old Legacy Brand TBZ" and committed to creating value for all stakeholders including customers, shareholders, employees, vendors, bankers and associates in the coming years.
TBZ shares surged 20% on Tuesday, hitting the upper circuit limit at ₹366.80 and touching a new 52-week high, with trading volumes spurting more than 6.7 times the normal levels. The stock opened at ₹315 and touched a low of ₹313.10 before rallying to the upper circuit level, with the counter having outstanding buy orders for more than 10.66 lakh shares and a volume-weighted average price of ₹349.96. The sharp move comes after GRT Jewellers announced plans to acquire a 74.12% stake in TBZ from its promoters. TBZ shares have surged 33% over the past month and more than doubled investors' money in 2026, gaining 123% so far this year, compared with a 7.90% drop in the benchmark Nifty50. The stock commanded a market capitalisation of ₹2,447.68 crore according to NSE data. TBZ shares have risen 76% over the past three months, significantly outperforming the benchmark Nifty50. Following the acquisition, GRT will have the right to appoint directors to TBZ's board, with Shrikant Zaveri and TBZ directors Binaisha Zaveri and Raashi Zaveri resigning from the board. Some of the existing promoters may subsequently enter into employment or consultancy arrangements with the company to help with the transition.
TBZ reported strong financial performance for FY26 with revenue of ₹3,203 crore and EBITDA of ₹369 crore, translating into an EBITDA margin of 12%. The company's profit after tax stood at ₹202 crore, while as of FY26, TBZ had borrowings of ₹886 crore with finance costs at ₹77 crore. GRT currently operates 68 stores across India and one store in Singapore, employing over 12,000 people with approximately 650,000 sq.ft of retail space. TBZ operates a network of 37 stores across the country selling gold, diamond and precious jewellery, with 59% of TBZ's stores located in Western India according to Motilal Oswal. Following the acquisition, the combined retail network will expand to 106 stores, significantly strengthening GRT's pan-India presence and operational capabilities. The acquisition will give GRT access to TBZ's extensive retail network, with the combined entity expected to have better market standing and stronger regional brand image. As per SBICAPS Securities, the market expects a fresh growth leg for the combined entity, with the combined GRT-TBZ having better market standing and stronger regional brand image.
