CHENNAI: India’s leading jewellery retailer GRT Jewellers India Ltd (GRT) on Monday announced the signing of a share purchase agreement (SPA) with the promoters of listed jewellery retail company Tribhovandas Bhimji Zaveri Ltd (TBZ) to acquire a 74.12% stake in the 162-year-old company for Rs 1,033.71 crore.
The transaction by the Chennai-based jewellery retailer is subject to regulatory approvals and customary closing conditions. GRT will also launch an open offer for an additional approximately 26% stake in TBZ, in accordance with SEBI regulations, according to a statement.
The acquisition will give GRT access to TBZ’s network of 37 stores across India. GRT currently operates 68 stores in India and one in Singapore, with more than 12,000 employees and about 6.5 lakh sq ft of retail space.
G R ‘Ananth’ Ananthapadmanabhan, managing director of GRT Jewellers, said, "We are truly excited to acquire the 162 years old Legacy Brand TBZ. This very well fits into our Strategy of spreading our presence across India with TBZ having 37 Stores.
We are committed to creating value for all Stakeholders, our Customers, Shareholders, Employees, Vendors, Bankers and other Associates in the years to come." The brand is well known for trust and auspiciousness, in addition to carrying large collections of jewellery in gold, silver, diamond and platinum and a wide variety of silver articles.
GRT Jewellers has a good presence in the e-commerce space and also operates a few sub-brands like Oriana for lightweight affordable jewellery in gold and diamonds and Silvana for silver.
TBZ began in 1864 with the vision of late Bhimji Zaveri, with a single flagship store in Zaveri Bazaar. TBZ’s integrated business model brings together a state-of-the-art manufacturing facility, skilled artisans and a strong vendor network. TBZ’s pan-India retail presence through 37 stores helps the company stay close to its customers and respond to their evolving preferences.