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In a major move in India's jewellery retail sector, GRT Jewellers is set to acquire a 74.12% controlling stake in TBZ for up to Rs 1,034 crore. The deal involves the promoter holding and remains subject to regulatory approvals and other closing conditions. The acquisition will give GRT access to TBZ's established retail network of 37 stores across India.
Following the acquisition, GRT will make an open offer for an additional 26% stake in TBZ, in line with SEBI regulations. If the offer is fully accepted, GRT could potentially take its ownership close to the entire equity of the listed jewellery company.
The acquisition will expand GRT Jewellers' presence across India through TBZ's established retail network. TBZ currently operates 37 stores across the country and has a history spanning 162 years.
G R Ananthapadmanabhan, Managing Director of GRT Jewellers, said the deal fits the company's plan to expand its presence across India. He added that TBZ's existing store network would support that strategy.
GRT said its management team will work with TBZ's senior executives to identify new growth opportunities and strengthen the jewellery retailer's business.
