Shares of Tribhovandas Bhimji Zaveri surged for a second day, hitting an upper circuit on Tuesday, after GRT Jewellers India Private Ltd proposed acquiring a 74 per cent controlling stake in the company from its existing promoters for Rs 1,033 crore in an all-cash deal.
This acquisition triggered an open offer for the jewellery retailer’s public shareholders, according to a recent exchange filing by TBZ. The open offer involves up to 1,72,70,845 fully paid-up equity shares, amounting to 25.88 per cent of TBZ’s voting share capital.
GRT Jewellers will gain control of TBZ, a jewellery company founded in Mumbai’s Zaveri Bazaar in 1864, which has grown from a single store to 37 outlets across 28 cities, mainly in Maharashtra and Gujarat.
TBZ derives approximately 65 per cent of its revenue from wedding and occasion- jewellery sales, reflecting its strong presence in this segment.
proposed deal represents a significant change as TBZ has been family-owned for over 160 years. GRT Jewellers, founded in 1964, operates jewellery retail businesses both in India and internationally.
Following the announcement, TBZ’s share price rose to Rs 545.70 on the BSE, a 4.99 per cent increase and the highest in 52 weeks, extending gains after Monday’s upper circuit at Rs 519.75.
Over the past year, TBZ’s stock has delivered returns exceeding 190 per cent, with a 52-week low of Rs 110.95, according to BSE data.
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