GRT Jewellers to acquire 74.12% in Tribhovandas Bhimji Zaveri for ₹1,034 crore, eyes full control via open offer

Chennai-based GRT Jewellers India (GRT) on Monday signed a share purchase agreement (SPA) with the promoters of listed jewellery retailer Tribhovandas Bhimji Zaveri Ltd. (TBZ The Original) to acquire a 74.12% stake in the company for ₹1,033.71 crore.

The transaction, which is subject to regulatory approvals and customary closing conditions, will mark GRT Jewellers’ entry into a listed jewellery retail business and significantly expand its pan-India footprint.

Following the acquisition, GRT will also launch an open offer for around 26% of TBZ’s equity, in accordance with applicable Securities and Exchange Board of India (Sebi) regulations, TBZ said in an exchange filing today.

Ahead of the announcement, shares of TBZ ended 1.19% higher at ₹305.45 on the BSE, with a market capitalisation of ₹2,038.29 crore.

Acquisition to strengthen GRT’s pan-India footprint

G.R. ‘Ananth’ Ananthapadmanabhan, managing director of GRT Jewellers, said the acquisition of the 162-year-old TBZ brand fits into the company’s strategy of expanding its presence across India. TBZ currently operates 37 stores across the country.

“This very well fits into our Strategy of spreading our presence across India with TBZ having 37 Stores. We are committed to create value for all Stakeholders, our Customers, Shareholders, Employees, Vendors, Bankers and other Associates in the years to come,” Ananthapadmanabhan said.

G.R. Radhakrishnan, managing director of GRT Jewellers, described the deal as “truly transformative”, saying the company’s long-awaited ambition of establishing a meaningful pan-India presence was becoming a reality.

GRT said the two businesses have complementary strengths, with TBZ bringing its heritage, customer relationships and merchandise portfolio, while GRT contributes its retail capabilities and growth orientation.

R. Vijayaraghavan, executive director and CEO of GRT Jewellers, who spearheaded the acquisition, said the combined management bandwidth of GRT and senior executives of TBZ would focus on multiple growth drivers to take the jewellery brand into its next phase.

TBZ’s 162-year legacy enters a new chapter under GRT

For TBZ, the transaction marks a new chapter for a business that traces its origins to 1864, when Bhimji Zaveri established its first store in Mumbai’s Zaveri Bazaar. The company has since expanded to 37 locations across India.

TBZ chairman and managing director Shrikant Zaveri said the family was proud of the brand’s journey across five generations and expressed confidence that its heritage, values and people would be in “the absolute best hands” with GRT.

Founded in 1964 by G. Rajendran, GRT Jewellers operates 68 stores across India and one in Singapore, with more than 12,000 employees. It has around 650,000 sq. ft. of retail space and a customer base of more than 15 million.

The company sells gold, silver, diamond and platinum jewellery and operates sub-brands including Oriana for lightweight, affordable jewellery and Silvana for silver collections.

Deloitte was the lead adviser to the transaction, while Axis Capital acted as financial adviser to GRT. Trilegal was GRT’s legal counsel, with Srihari & Co handling financial and tax due diligence. AZB & Partners advised TBZ, while Ernst & Young LLP acted as financial adviser to TBZ.