GRT Jewellers Initiates Acquisition of Tribhovandas Bhimji Zaveri

Offer Price: INR 249.61 per share for 25.88% stake
SPA Purchase Price: INR 209.00 per share for 74.12% stake

Reader Takeaway: The open offer offers a premium over the promoter exit price, but completion hinges on regulatory clearances.

What just happened

GRT Jewellers (India) Private Limited has executed a Share Purchase Agreement (SPA) to acquire 49,459,775 equity shares, representing 74.12% of Tribhovandas Bhimji Zaveri (TBZ) Ltd’s voting capital. Because this acquisition grants the buyer controlling interest, SEBI regulations mandate an open offer to the public shareholders for an additional 25.88% of the company's equity, totaling 17,270,845 shares.

Why this matters

For retail investors, the open offer provides an exit opportunity at a price of INR 249.61 per share. This is higher than the INR 209.00 per share paid to the outgoing promoters under the SPA. The acquirer has explicitly stated they do not intend to delist the company, meaning the stock will continue to trade on the exchanges post-acquisition.

Risks to watch

The entire deal is conditional. Key dependencies include mandatory approvals from the Competition Commission of India (CCI) and necessary clearances from the company’s lenders. If these conditions are not satisfied, the acquirer reserves the right to withdraw the open offer.

What to track next

Investors should monitor the publication of the Detailed Public Statement (DPS) on September 7, 2026. Those wishing to participate must coordinate with their brokers to tender their shares during the window of October 26, 2026, to November 6, 2026. Payment and final acceptance of shares are tentatively scheduled for November 23, 2026.