Retail

GRT Jewellers seals 74% TBZ stake for ₹1,034 cr

Deal lifts GRT network to 106 stores and puts heat on mid-tier jewellers ahead of festive buying.

Meera Iyer, Retail correspondent·6 September 2026·4 min read

Empty jewellery display cases under warm spotlights in a quiet showroom

GRT Jewellers India signed a share purchase agreement to buy 74.12 per cent of Tribhovandas Bhimji Zaveri from promoters at not more than ₹209 a share, valuing the stake at up to ₹1,033.71 crore. The open offer follows. TBZ stock hit a lifetime high of ₹480.85 on 4 September after a 58 per cent surge in four sessions.

GRT will take control of TBZ and expand its combined retail footprint to 106 stores across India. The mandatory open offer covers the residual 26 per cent. TBZ shares have more than doubled from the mid-August low of ₹232.50.

Shop-floor impact shows first at the till. A mid-size jewellery counter in a Tier-2 mall now faces a larger, better-capitalised rival with deeper design inventory and festival marketing muscle. Working-capital cycles tighten when gold prices swing.

GRT network expands to 106 stores on the TBZ buy.

The deal squeezes independent family jewellers and smaller listed peers while giving organised chains more leverage with gold refiners and mall landlords. Kalyan, Malabar and Tanishq watch the pricing power shift.

Watch the open-offer timeline and any store-rationalisation filing before Diwali. Festive window footfall will test whether the combined network converts the premium into higher average bill values.

Filed under Retail·Meera Iyer

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