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GRT Jewellers To Acquire Controlling Stake In Tribhovandas Bhimji Zaveri In ₹1,033 Crore Deal

By Sohail Khan 8 September 2026, 10:17 am

GRT Jewellers plans to acquire a 74% controlling stake in TBZ for Rs 1,033 crore, triggering an open offer as TBZ shares hit a fresh 52-week high.

GRT Jewellers To Acquire Controlling Stake In Tribhovandas Bhimji Zaveri |

New Delhi: Tribhovandas Bhimji Zaveri (TBZ) shares hit the upper circuit for the second consecutive session on Tuesday after GRT Jewellers India proposed to acquire a 74% controlling stake in the jewellery retailer from its existing promoters.

The all-cash transaction is valued at Rs 1,033 crore and will result in a change of control at TBZ, a jewellery business with a history spanning more than 160 years.

GRT Jewellers Triggers Open Offer

TBZ said in an exchange filing that it had received a detailed public statement from Axis Capital, acting on behalf of GRT Jewellers, regarding the mandatory open offer.

The open offer covers up to 1,72,70,845 fully paid-up equity shares, representing 25.88% of TBZ's voting share capital.

The offer will provide TBZ's public shareholders an opportunity to sell their shares following the proposed change in control.

Founded in Mumbai's Zaveri Bazaar in 1864, TBZ has grown from a single jewellery store to 37 stores across 28 cities, with a strong presence in Maharashtra and Gujarat.

Wedding and occasion-related jewellery purchases account for roughly 65% of the company's revenue.

GRT Jewellers, founded in 1964, operates jewellery retail businesses in India as well as overseas.

TBZ Shares Hit 52-Week High

Investors reacted positively to the proposed GRT Jewellers-TBZ deal, sending Tribhovandas Bhimji Zaveri shares to their 5% upper circuit.

The TBZ share price climbed 4.99% to Rs 545.70 on the BSE, marking a fresh 52-week high. The stock had also hit its upper circuit at Rs 519.75 in the previous session.

TBZ shares have risen sharply from their 52-week low of Rs 110.95.

Over the past one year, the jewellery stock has delivered a return of more than 190%, according to BSE data, reflecting a strong rally ahead of the proposed change in ownership.