GRT to acquire majority stake in Tribhovandas Bhimji Zaveri for ₹1,033.71 crore

GRT Jewellers India Private Limited, based in Chennai, has announced plans to acquire a majority stake in Tribhovandas Bhimji Zaveri Limited, a well-known jewelry retailer operating under the brand name TBZ the Original. Through a share purchase agreement signed with the promoters of TBZ, GRT will acquire a 74.12% stake in the company for an aggregate value of up to ₹1,033.71 crore. The completion of this transaction is contingent upon regulatory approvals and customary closing conditions.

As part of the deal, GRT will also launch an open offer for an additional 26% stake in TBZ, in accordance with applicable SEBI regulations. This move aligns with GRT’s strategy to expand its presence across India, with TBZ currently operating 37 stores nationwide.

The acquisition comes as GRT Jewellers, led by Managing Director G.R. ‘Ananth’ Ananthapadmanabhan, continues to strengthen its position in the Indian jewelry market. TBZ, chaired by Shrikant Zaveri, has a rich history dating back five generations and 162 years to a single storefront in Mumbai’s Zaveri Bazaar. Today, the company has grown into a prominent jewelry retailer with 37 locations across the country.

Deloitte served as the lead advisor for the transaction, while Axis Capital acted as the financial advisor for GRT. Ernst & Young LLP provided financial advisory services to TBZ. The involvement of these reputable firms underscores the significance of the deal within the industry.

Subject to regulatory clearances, the acquisition is expected to further consolidate the jewelry retail sector in India, enhancing GRT’s footprint and offering shareholders of TBZ an opportunity to participate in the growth of the combined entity.

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