GRT Jewellers has agreed to acquire 74.12% of listed retailer Tribhovandas Bhimji Zaveri for Rs 1,033.71 crore, taking control of the 162-year-old brand and expanding its pan-India retail footprint.
Chennai-based GRT Jewellers India has entered into an agreement to acquire a 74.12% controlling stake in listed jewellery retailer Tribhovandas Bhimji Zaveri (TBZ) for up to ?1,033.71 crore.
The share purchase agreement (SPA), signed with TBZ’s promoters on August 31, covers 49.46 million shares at a price of up to ?209 per share. The transaction is subject to regulatory approvals and the fulfilment of customary closing conditions.
Following completion of the acquisition, GRT will launch a mandatory open offer for the shares held by TBZ’s public shareholders. The offer covers up to 25.88% of TBZ’s voting share capital, equivalent to 17.27 million shares, at ?249.61 per share. If fully subscribed, the open offer would involve an additional outlay of about ?431.10 crore.
The acquisition will add TBZ’s 37 stores to GRT’s existing network of 68 stores in India and one outlet in Singapore. The combined Indian network would comprise 105 stores, with the two brands continuing to operate separately.
GRT said the acquisition is aligned with its strategy of establishing a broader presence across India. The company currently has more than 12,000 employees and approximately 6.5 lakh sq. ft. of retail space. Its portfolio includes gold, silver, diamond and platinum jewellery, alongside sub-brands such as Oriana and Silvana.
GRT managing director G.R. ‘Ananth’ Ananthapadmanabhan said TBZ’s 37-store network fits the company’s plans to expand geographically. GRT managing director G.R. Radhakrishnan described the transaction as a significant step towards establishing a pan-India presence.
TBZ traces its origins to 1864, when Bhimji Zaveri established a store in Mumbai’s Zaveri Bazaar. The company has since expanded to 37 locations across India under the TBZ The Original brand.
On completion of the transaction, TBZ chairman and managing director Shrikant Zaveri, along with directors Binaisha Zaveri and Raashi Zaveri, are expected to step down from the board. Some members of the promoter family may continue to support the business through employment or consultancy arrangements.
The transaction brings together two established jewellery retailers with different geographic strengths. GRT has a strong presence across southern and other Indian markets, while TBZ adds an established brand and store network in multiple cities.
Deloitte is the lead advisor to the transaction, with Axis Capital serving as financial advisor to GRT. Trilegal is advising GRT on legal matters, while AZB & Partners is representing TBZ.
The deal represents a significant development in India’s organised jewellery retail sector, where established retailers are increasingly pursuing scale through geographic expansion and consolidation.
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