Retail

GRT Jewellers seals ₹1,034 crore deal for 74% of TBZ

Chennai-based chain buys promoter stake in 162-year-old Tribhovandas Bhimji Zaveri and will make open offer for another 26 percent.

Meera Iyer, Retail correspondent·3 September 2026·4 min read

Glass display counters inside a jewellery store showing gold necklaces and bangles under warm spotlights

GRT Jewellers signed a share-purchase agreement to acquire 74.12 percent stake in Tribhovandas Bhimji Zaveri from promoters for ₹1,034 crore. The deal, announced around 31 August-1 September, includes a mandatory open offer for an additional 26 percent under Sebi rules. TBZ shares hit the 20 percent upper circuit on the news.

GRT will take 74.12 percent from TBZ promoters in a cash deal valued at ₹1,034 crore and launch an open offer for the rest. The 162-year-old TBZ brand brings an established jewellery retail network that GRT can fold into its own expansion plans across India.

For the jewellery shop floor the combination creates a larger buying and design pipeline. A TBZ showroom till may soon stock GRT-sourced pieces while shared sourcing could tighten gold and diamond costs. Regional jewellers watching the deal will recalibrate their own franchise or acquisition maths.

GRT pays ₹1,034 crore for 74.12 percent of TBZ and will open-offer the balance.

The tie-up helps GRT accelerate north and west presence while giving TBZ promoters an exit. It pressures mid-size chains that lack the capital to match the combined store and brand strength.

Watch the open-offer timeline and any store-rationalisation or festive collection launch once the deal closes.

Filed under Retail·Meera Iyer

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