Tribhovandas Bhimji Zaveri Ltd has officially transitioned control to GRT Jewellers (India) Pvt Ltd following the transfer of a 74.12% equity stake. The Zaveri promoter group has resigned, with the Board now fully reconstituted under the new ownership. This marks a major shift for the jewelry retailer as it integrates into the GRT group, with new leadership appointed to guide its future strategy.
TBZ Ownership Shift: GRT Jewellers Takes Control
4.94 crore equity shares representing 74.12% stake transferred to GRT Jewellers (India) Pvt Ltd. The former Zaveri promoter group has exited, resulting in a complete leadership overhaul at the company.
Reader Takeaway: New management assumes control while former promoters exit; watch for the integration strategy and post-completion financial obligations.
What just happened
Tribhovandas Bhimji Zaveri Ltd (TBZ) confirmed that as of October 30, 2026, the transfer of 4,94,59,775 equity shares to GRT Jewellers has been completed. This transaction triggers a formal change in control, with TBZ now operating as a subsidiary of the acquirer. The previous promoter group has zero remaining equity, marking the end of the Zaveri family's controlling stake in the historic retail chain.
Why this matters
This is a definitive exit by the founding family, significantly altering the corporate governance and strategic direction of the brand. The board has undergone a wholesale restructuring, including the resignation of Managing Director Shrikant Gopaldas Zaveri and Whole-Time Directors Binaisha and Raashi Zaveri. Their positions have been filled by new appointments from the GRT network, including two new Managing Directors, Govindarajulu Rajendran Ananthapadmanabhan and Govindarajulu Rajendran Radhakrishnan, appointed for five-year terms.
The backstory
The sale concludes the Share Purchase Agreement (SPA) process. As part of the final closing, the parties executed an amendment to the SPA, shifting specific "Release Conditions" regarding personal guarantees and mortgages into post-completion obligations. The acquirer has provided indemnity to the former promoters against costs related to potential enforcement actions, facilitating a cleaner exit for the outgoing management.
What changes now
- Governance: The Board of Directors and key committees (Audit, Stakeholders' Relationship, Nomination and Remuneration) have been fully reconstituted.
- Leadership: Mr. K N Jeethendra Babu joins as Deputy CEO.
- Support: Outgoing directors Binaisha and Raashi Zaveri will remain involved via consultancy and employment agreements to ensure operational continuity during the handover phase.
Risks to watch
Investors should monitor how effectively the new management integrates TBZ’s existing operations and how the company resolves the remaining post-completion obligations mentioned in the amended SPA. Stability in the retail supply chain and the maintenance of brand identity under new stewardship remain critical focus areas.