GRT Jewellers to Acquire 74.12% Stake in Tribhovandas Bhimji Zaveri, Triggering Open Offer
August 31, 2026: A major ownership change is set to take place at Tribhovandas Bhimji Zaveri Limited (TBZ) following the company’s promoter group’s entry into a Share Purchase Agreement (SPA) with GRT Jewellers (India) Private Limited.
Under the agreement dated August 31, 2026, GRT Jewellers has agreed to acquire 4,94,59,775 equity shares, representing 74.12% of TBZ’s total issued and paid-up equity share capital.
GRT Jewellers to Acquire Majority Control
The transaction will give GRT Jewellers majority ownership and sole control of Tribhovandas Bhimji Zaveri upon completion.
The existing promoters have agreed to sell their entire shareholding in TBZ. Following completion, the sellers will cease to be shareholders and will be declassified from the promoter/promoter group category, subject to applicable regulations.
The acquisition is subject to regulatory approvals and fulfilment of conditions precedent under the SPA.
Maximum Sale Price of ₹209 Per Share
Under the agreement, the sale shares will be acquired at a price of not more than ₹209 per share.
The agreed sale price may be subject to downward adjustments following an audit by the acquirer, while the price will not be adjusted upwards.
Based on the maximum stated price of ₹209 per share, the consideration for the 74.12% stake works out to approximately ₹1,033.71 crore.
Mandatory Open Offer for Public Shareholders
The transaction will also trigger a mandatory open offer by GRT Jewellers to eligible public shareholders of TBZ under the SEBI Takeover Regulations.
This makes the announcement particularly important for existing TBZ public shareholders, as the proposed change in control is accompanied by an open-offer process.
Change in TBZ Management and Board
Following completion of the transaction, GRT Jewellers will have the right to appoint its nominee directors to the TBZ board.
Existing directors Shrikant Gopaldas Zaveri, Binaisha Shrikant Zaveri and Raashi Shrikant Zaveri are expected to resign from the board upon completion of the transaction.
TBZ will consequently become a subsidiary of the acquirer, with control shifting from the existing promoter group to GRT Jewellers.
Investor Takeaway
The proposed acquisition represents a significant change in ownership and control of TBZ. Investors should track the regulatory approval process, completion of the transaction, details of the mandatory open offer and the eventual impact of the new ownership on TBZ’s business strategy and financial performance.
The transaction is not yet completed and remains subject to the required approvals and conditions specified in the SPA.