GRT Jewellers seals ₹1,034 crore buy of 74% TBZ stake

GRT will pay up to ₹209 a share for the 49.46 million promoter shares, subject to audit adjustments that can only lower the price. TBZ, the 162-year-old Zaveri Bazaar brand, operates across gold, diamond and precious jewellery. GRT already runs 68 Indian outlets plus one in Singapore and claims over 15 million customers.

On the shop floor the combination immediately lifts GRT’s square footage and north-west footprint. A single TBZ counter in a Mumbai mall now feeds GRT’s inventory systems and loyalty data, cutting the cost of opening greenfield stores in the same catchment.

GRT adds 37 TBZ stores and launches the open offer in one stroke.

Kalyan, Malabar and Tanishq face a larger southern player with listed-scale balance sheet and heritage inventory. Smaller family jewellers lose negotiating power with gold refiners and mall landlords as the combined entity shops for better rents and making charges.

Watch the open-offer timeline and any September filing on store rationalisation before the Diwali gold rush. Regulatory clearance and the final offer price will set the tone for further jewellery M&A.