GRT Jewellers Launches Open Offer Following ₹1,033 Crore Stake Acquisition Deal in TBZ
Major South Indian jewellery retailer GRT Jewellers India Private Limited has advanced its strategic takeover of 162-year-old jewellery firm Tribhovandas Bhimji Zaveri Limited (TBZ), triggering a mandatory open offer for public shareholders in early September 2026. Following detailed public disclosures managed by Axis Capital, GRT Jewellers proposed to acquire up to 1,72,70,845 fully paid-up equity shares, representing 25.88% of TBZ's voting capital, at an offer price of ₹249.61 per share.
This open offer follows the initial Share Purchase Agreement (SPA) where Chennai-based GRT Jewellers agreed to acquire a 74.12% controlling promoter stake in TBZ for an all-cash consideration of up to ₹1,033.71 crore. The regulatory disclosures and transaction details were reviewed during TBZ's Annual General Meeting held on September 9, 2026, marking a historic transition in ownership for a brand originally established in Mumbai's Zaveri Bazaar in 1864.
The acquisition significantly enhances GRT Jewellers' retail footprint across India by adding TBZ's 37 showrooms located across 28 cities to GRT's existing portfolio of nearly 70 stores. Retail analysts note that this acquisition creates a powerful pan-India entity, combining South India's strong gold and retail ecosystem with TBZ's prominent wedding and bridal jewellery presence in western and northern India.
