Key Transaction Details

  • GRT Jewellers India Private Limited has signed a share purchase agreement (SPA) to acquire 74.12% promoter stake in Tribhovandas Bhimji Zaveri Limited (TBZ).
  • The aggregate acquisition value is up to ₹1,033.71 Crores.
  • The transaction is subject to appropriate regulatory approvals and customary closing conditions.
  • GRT will launch an open offer for approximately 26% additional shares as required by SEBI regulations.

Company Background - GRT Jewellers

  • Founded in 1964 by Chairman G. Rajendran.
  • Operates 68 stores across India and one store in Singapore.
  • Employs over 12,000 employees.
  • Has approximately 6,50,000 sq.ft of retail space.
  • Maintains ecommerce presence at www.grtjewels.com.
  • Operates sub-brands: Oriana (light weight affordable jewellery) and Silvana (silver jewellery collections).
  • Has a loyal customer base of over 15 million.

Company Background - TBZ (Tribhovandas Bhimji Zaveri Limited)

  • Established in 1864 by Late Shri Bhimji Zaveri.
  • 162-year-old legacy brand with 37 stores pan-India.
  • Known for 100% gold buy-back scheme and integrated business model.
  • Features state-of-the-art manufacturing facility, skilled artisans, and strong vendor network.

Management Commentary

G.R. 'Ananth' Ananthapadmanabhan, Managing Director of GRT Jewellers, stated the acquisition fits into GRT's strategy of spreading presence across India and committed to creating value for all stakeholders.

G.R. Radhakrishnan, Managing Director of GRT Jewellers, described the acquisition as transformative for GRT's pan-India presence aspirations.

R. Vijayaraghavan, Executive Director & CEO of GRT Jewellers, noted that experienced management of GRT combined with TBZ's professional executives will work on growth drivers.

Shrikant Zaveri, Chairman & Managing Director of TBZ, expressed pride in the company's growth over five generations and confidence in GRT's stewardship.

Advisory Teams

  • Deloitte acted as lead advisor to the transaction.
  • Axis Capital acted as financial advisor for GRT.
  • Trilegal advised GRT as legal counsel.
  • Srihari & Co advised on financial and tax due diligence for GRT.
  • AZB & Partners advised TBZ as legal counsel.
  • Ernst & Young LLP acted as financial advisor for TBZ.