Retail

GRT Jewellers seals 74% stake deal in TBZ

Share purchase agreement sends TBZ stock up 58% in four days; jewellery retail consolidation gathers pace ahead of festive buying.

Meera Iyer, Retail correspondent·5 September 2026·4 min read

Jewellery display counters under warm spotlights with gold ornaments on trays

GRT Jewellers India has signed a share purchase agreement to acquire a 74.12 percent stake in Tribhovandas Bhimji Zaveri from its promoters. TBZ shares hit a lifetime high of ₹480.85, rising 58 percent over four trading days and 107 percent from the mid-August low.

The deal price is capped at not more than ₹209 per share, well below the current market level after the surge. Open-offer formalities will follow as GRT, a major South Indian jewellery retailer, moves to take control of the listed TBZ network.

For the shop floor this means potential integration of sourcing, design and store standards across two established jewellery names just as wedding and festive demand peaks. A TBZ till in a metro or tier-II city could soon carry GRT-backed inventory depth and pricing power.

GRT’s 74% TBZ deal lifted the stock 58% in four days.

The consolidation helps larger organised players gain scale against pure regional jewellers and online pure-plays, while putting pressure on mid-sized family-run chains that lack similar balance-sheet strength. It also lifts listed jewellery valuations across the board.

Watch the open-offer timeline, any store-rationalisation plans and festive same-store sales commentary once the deal closes; the next exchange filing will set the integration calendar.

Filed under Retail·Meera Iyer

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