GRT Jewellers Launches Open Offer to Acquire 25.88% of Tribhovandas Bhimji Zaveri for ₹431 Crore
GRT Jewellers (India) Private Limited has announced an open offer to acquire 25.88% of Tribhovandas Bhimji Zaveri Limited (TBZ) for up to ₹431.09 crore at ₹249.61 per share. This follows GRT Jewellers' agreement to buy 74.12% of TBZ from existing promoters for ₹1,033.70 crore. GRT Jewellers will become the new promoter upon completion.
This is a substantial acquisition representing over 25% of the company's shares, leading to a change in control and promoter. This will have a significant impact on the company's strategic direction, management, and potentially its stock performance.
The announcement of a significant open offer and acquisition, leading to a change in promoter, indicates a major corporate action with potential positive implications for the company's future direction and shareholder value.
Tribhovandas Bhimji Zaveri Limited (TBZ) has received a copy of the public announcement regarding an open offer from GRT Jewellers (India) Private Limited. The open offer aims to acquire up to 1,72,70,845 equity shares of TBZ, representing 25.88% of the voting share capital, at a price of ₹249.61 per share. The total consideration for this open offer amounts to up to ₹431.09 crore.
This open offer is a triggered offer, made in compliance with SEBI (SAST) Regulations, following GRT Jewellers' agreement to purchase 4,94,59,775 equity shares, constituting 74.12% of TBZ's voting share capital, from the existing promoters and promoter group. This primary acquisition from the sellers is valued at up to ₹1,033.70 crore at a price of ₹209.00 per share. Upon completion of the underlying transaction and the open offer, GRT Jewellers will acquire control of TBZ and become its new promoter, while the current promoters will cease to be in control.
The detailed public statement (DPS) and letter of offer (LOF) will be published in newspapers by September 7, 2026. The open offer is subject to approvals from the Competition Commission of India (CCI) and the identified lenders. GRT Jewellers has confirmed adequate financial arrangements to meet its obligations for the open offer.
A plain-language summary of a public exchange filing by Tribhovandas Bhimji Zaveri Limited. Read the original for the full detail.