GRT Jewellers to Acquire 74.12% Stake in TBZ
GRT managing director G.R. ‘Ananth’ Ananthapadmanabhan said the acquisition fit the company’s strategy of expanding its presence across India, noting that TBZ had 37 stores.
Hyderabad:GRT Jewellers India Private Limited signed an agreement to acquire a 74.12-per cent stake in Tribhovandas Bhimji Zaveri Ltd (TBZ), known as TBZ The Original, for an aggregate value of up to ₹1,033.71 crore, according to a statement.
The agreement was signed with TBZ’s promoters on August 31, according to GRT Jewellers. The transaction was subject to regulatory approvals and customary closing conditions. GRT said it would launch an open offer for around 26 per cent of TBZ under applicable SEBI regulations.
GRT managing director G.R. ‘Ananth’ Ananthapadmanabhan said the acquisition fit the company’s strategy of expanding its presence across India, noting that TBZ had 37 stores.
GRT managing director G.R. Radhakrishnan called the acquisition “transformative” and said the companies’ heritage, customer relationships and merchandise portfolios, along with GRT’s retail capabilities, could support TBZ’s next phase of growth.
TBZ Chairman and Managing Director Shrikant Zaveri said the brand, which began as a single storefront in Zaveri Bazaar 162 years ago, had grown to 37 locations. He said he was confident that its heritage, values and people would be in “the absolute best hands” with GRT.