GRT Jewellers launches ₹431 crore open offer for remaining TBZ stake
The Chennai-based jeweller is expanding its footprint as it moves to consolidate ownership of the legacy jewellery brand and enter northern markets.
Chennai-based jeweller GRT Jewellers has initiated an open offer of ₹431 crore to purchase the remaining 25.88 percent of Tribhovandas Bhimji Zaveri (TBZ), formerly a 75 percent promoter stake. The offer is priced at ₹249.61 per share, representing a substantial 120 percent discount to TBZ's closing share price of ₹550.65. With a market capitalisation of approximately ₹3,497 crore, the acquisition intends to expand GRT's reach into northern markets and establish a nationwide presence.
The Special Purchase Agreement (SPA) was signed last month for ₹1,034 crore (₹209 per share), contingent on regulatory approvals and other customary conditions. Following the announcement, TBZ shares reached a record high the subsequent day.
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