GRT Jewellers to Acquire 74.12% Stake in Tribhovandas Bhimji Zaveri for ₹1,033.71 Crore
GRT Jewellers is acquiring a 74.12% stake in Tribhovandas Bhimji Zaveri (TBZ) for up to ₹1,033.71 Crores. The deal includes an open offer for an additional 26% stake. This acquisition aims to expand GRT's national presence by integrating TBZ's 37 stores.
This is a major corporate action involving a significant stake acquisition and a substantial financial value, which will have a considerable impact on the market positioning and future operations of both companies.
The acquisition of a significant stake in TBZ by GRT Jewellers is a positive development for both companies, facilitating market expansion and potentially leading to value creation for stakeholders.
GRT Jewellers India Private Limited (GRT), a prominent Indian jewellery retailer, has signed a share purchase agreement (SPA) with the promoters of Tribhovandas Bhimji Zaveri Limited (TBZ) to acquire a 74.12% stake in TBZ. The aggregate value of this acquisition is up to ₹1,033.71 Crores.
This transaction is subject to regulatory approvals and customary closing conditions. Following the acquisition, GRT will also launch an open offer for an additional 26% of TBZ's shares, in compliance with SEBI regulations. GRT Jewellers, founded in 1964, operates 68 stores in India and one in Singapore, with over 12,000 employees and a retail space of approximately 6,50,000 sq.ft. TBZ, a 162-year-old legacy brand established in 1864, currently has 37 stores across India. The acquisition aims to expand GRT's pan-India presence by integrating TBZ's established brand, customer relationships, and merchandise portfolio with GRT's retail capabilities.
Key advisors for the transaction included Deloitte as the lead advisor for GRT, Axis Capital as the financial advisor for GRT, and Trilegal as legal counsel for GRT. Srihari & Co advised GRT on financial and tax due diligence. AZB & Partners served as legal counsel for TBZ, and Ernst & Young LLP acted as the financial advisor for TBZ.
A plain-language summary of a public exchange filing by Tribhovandas Bhimji Zaveri Limited. Read the original for the full detail.