GRT will make an open offer for the remaining 26% stake in TBZ, subject to regulatory approvals and completion conditions
Mumbai: GRT Jewellers India Private Limited (GRT) has signed a share purchase agreement (SPA) with the promoters of Tribhovandas Bhimji Zaveri Limited (TBZ) to acquire their 74.12% stake in the listed jewellery company for an aggregate value of up to Rs 1,034 crore. The transaction, announced after market hours on August 31, will also trigger an open offer for an additional 26% of TBZ’s equity, subject to applicable SEBI regulations.
“The consummation of the SPA will be subject to appropriate regulatory approvals and customary closing conditions. GRT will also be launching an open offer for another 26% as per applicable SEBI regulations,” the companies said in a joint statement.
G R Ananthapadmanabhan, Managing Director of GRT Jewellers, told the media, “This very well fits into our strategy of spreading our presence across India with TBZ having 37 stores.”
R Vijayaraghavan, Executive Director & CEO of GRT Jewellers, who spearheaded the acquisition process for GRT, said, “Experienced management bandwidth of GRT combined with professional senior executives of TBZ will work on several growth drivers to take TBZ to newer heights.”
Shrikant Zaveri, Chairman & Managing Director of TBZ, was quoted by media reports as saying, “What began five generations and 162 years ago as a single storefront in Zaveri Bazaar and a family dream has grown through decades of relentless dedication into 37 locations across the country. Seeing it step into the future with GRT fills me with immense pride.”
The deal gives GRT Jewellers a significant geographic diversification opportunity. While GRT has built its strength primarily across South India, TBZ provides an established presence across 28 cities and 13 States. The acquisition therefore offers GRT access to markets where building comparable brand recognition and retail infrastructure organically could require considerable time and investment. It also brings together two established jewellery businesses with distinct regional strengths and long operating histories.
GRT currently operates 65 stores across India and one in Singapore, according to the company. Its network, established since 1964, has given it a strong position in South India and provides the acquiring group with substantial retail scale alongside TBZ’s network.
TBZ, founded in 1864, operates 37 stores across 28 cities and 13 States, comprising 32 company-owned and five franchise stores. Its FY26 revenue from operations rose 22.23% to Rs 3,202.95 crore, while PAT increased 177.11% to Rs 200.49 crore, making the acquisition significant not only for its heritage but also for TBZ’s recent operational improvement.
The transaction consequently represents more than a geographic expansion for GRT. It reflects the increasing role of acquisitions in organized jewellery retail, where established players can accelerate national expansion by acquiring existing brands, customer franchises and store networks rather than relying exclusively on greenfield growth.
With GRT set to acquire the promoter stake in TBZ and make an open offer for the remaining 26%, the transaction could result in a substantial change in TBZ’s ownership structure, subject to regulatory approvals and completion conditions.
Deloitte was the lead advisor to the transaction and Axis Capital acted as financial advisor for GRT. Trilegal advised GRT as legal counsel, while Srihari & Co advised on financial and tax due diligence. AZB & Partners advised TBZ as legal counsel and Ernst & Young LLP acted as financial advisor for TBZ.
Retail Jeweller India News
