TBZ shares jump 20% despite GRT's open offer at ₹249.61; what's driving the rally?
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TBZ shares hit the upper circuit after GRT’s stake acquisition deal, with the stock trading well above the open offer price.
Shares of Tribhovandas Bhimji Zaveri Ltd. (TBZ) surged 20% on Tuesday, September 1, hitting the upper circuit at ₹366.50 on the BSE. The stock also touched a fresh 52-week high at the same level, while trading volumes jumped more than 6.7 times.
The sharp rise came after GRT Jewellers India Private Limited agreed to acquire a 74.12% stake in TBZ from its promoters.
GRT Jewellers has signed a share purchase agreement with the promoters to buy the stake at ₹209 per share for an aggregate consideration of up to ₹1,033.71 crore.
Following the acquisition, GRT Jewellers will launch an open offer for an additional 26% stake from TBZ's public shareholders at ₹249.60 per share, in line with applicable SEBI regulations.
At the time of writing, TBZ shares were trading at ₹366.80, up ₹61.10 or 19.99%. There were pending buy orders for 6,95,731 shares on the National Stock Exchange, while no sellers were visible on the exchange.
GRT Jewellers to acquire controlling stake in TBZ
The proposed acquisition will give GRT Jewellers control of TBZ, subject to regulatory approvals and other customary closing conditions.
GRT Jewellers currently operates 68 stores across India and one store in Singapore. TBZ has 37 stores across the country.
GRT said the acquisition of TBZ, a jewellery brand with a 162-year legacy, fits its plan to expand its presence across India.
GRT operates around 6,50,000 sq ft of retail space and sells gold, silver, diamond and platinum jewellery. It also operates sub-brands including Oriana for lightweight jewellery and Silvana for silver jewellery.
TBZ Chairman and Managing Director Shrikant Zaveri said the company had grown from a single storefront in Zaveri Bazaar into a business with 37 locations across the country.
TBZ share price performance
The TBZ stock has gained around 76% over the past three months, with the latest rally taking the shares above both the promoter acquisition price of ₹209 and the open offer price of ₹249.60.
For FY26, TBZ reported revenue of ₹3,203 crore and EBITDA of ₹369 crore, giving an EBITDA margin of 12%. Profit after tax stood at ₹202 crore.
The company had borrowings of ₹886 crore as of FY26, while finance costs stood at ₹77 crore.
The acquisition by GRT has triggered the open offer for TBZ's public shareholders. Axis Capital is acting as the manager to the offer.
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This article is for informational purposes only and should not be considered investment advice from Kotak Neo. For compliance T&C and disclaimers, Visit www.kotakneo.com/disclaimer
Rochelle Britto has spent 8+ years decoding India's markets, businesses, and consumer economy, reporting for ET Prime and Times Internet along the way, covering the stories behind the numbers.
A Mumbai native and perpetual planner of the next holiday, she stays far, far away from the eternal question, “Where are we going next?” When she's not chasing headlines, she's chasing new cultures, open roads, and a bit of quiet in nature.
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