TBZ Receives GRT Jewellers Open Offer

Offer price set at ₹249.61 per equity share.
GRT Jewellers to acquire 74.12% stake through share purchase agreement.

Reader Takeaway: Control change may unlock expansion, but approvals and liquidity remain key watch points.

What just happened

Tribhovandas Bhimji Zaveri Ltd has informed stock exchanges about receiving the Draft Letter of Offer from GRT Jewellers (India) Private Limited for a mandatory open offer under the SEBI Takeover Regulations.

The offer follows a Share Purchase Agreement signed on August 31, 2026, under which GRT Jewellers agreed to acquire 4,94,59,775 equity shares of TBZ from existing promoters. The acquisition represents 74.12% of the company’s voting share capital and will result in a change of control.

The open offer covers up to 1,72,70,845 equity shares, representing 25.88% of voting share capital held by public shareholders.

Why this matters

The open offer price has been fixed at ₹249.61 per share, higher than the ₹209 per share price agreed for the promoter stake acquisition under the SPA.

The maximum consideration for the open offer, assuming full acceptance, is ₹431.10 crore.

For public shareholders, the offer provides an exit opportunity at a premium to the promoter transaction price. Investors will also track recommendations from the independent directors committee expected by October 22, 2026.

The backstory

GRT Jewellers is acquiring control of TBZ as part of its plan to expand its jewellery retail presence beyond Southern India into additional markets.

The transaction structure includes both the promoter stake purchase and the mandatory open offer requirement under SEBI regulations.

What changes now

The tendering period for shareholders will run from October 26, 2026, to November 6, 2026. Payment of consideration is scheduled by November 23, 2026, subject to completion of applicable processes.

Key dates:

• Identified Date: October 9, 2026
• Offer Opening Date: October 26, 2026
• Offer Closing Date: November 6, 2026
• Payment Date: November 23, 2026

Risks to watch

The completion of the acquisition and open offer remains subject to required approvals, including Competition Commission of India approval and lender approvals.

If public shareholding falls below the required 25% minimum after acquisition, GRT Jewellers has stated that it will ensure compliance within applicable regulatory timelines. Such changes can affect future liquidity and ownership structure.

The acquirer also retains withdrawal rights under certain regulatory conditions and termination events specified in the transaction documents.

What to track next

Investors should monitor regulatory approvals, independent director committee observations, final open offer response and changes in TBZ’s ownership structure.