GRT will buy the promoters stake at Rs 209 a share, which is a discount to company’s Monday closing price of Rs 305 on BSE.
GRT will also be launching an open offer for another 26 per cent.
“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,” G.R. ‘Ananth’ Ananthapadmanabhan, Managing Director of GRT Jewellers, said in a statement.
“Our long-awaited aspiration of building a meaningful pan-India presence is now becoming a reality. We believe the complementary strengths of both organizations – their heritage, customer relationships and merchandise portfolio, together with GRT’s retail capabilities and growth orientation—create a powerful retail experience taking TBZ into its next phase of growth,” G.R. Radhakrishnan, Managing Director, GRT Jewellers, said.
“What began five generations and 162 years ago as a single storefront in Zaveri Bazaar and a family dream has grown through decades of relentless dedication into 37 locations across the country. Seeing it step into the future with GRT fills me with immense pride,” Shrikant Zaveri, Chairman & Managing Director of TBZ, said.
“I am also very proud of my 2 daughters, Binaisha and Raashi, who have played a very important role in the past 20 years to scale the business,” he said.
GRT Jewellers, founded by its Chairman Shri G. Rajendran in 1964, is an established leading jewellery retailers with 68 stores across India and one store in Singapore, with over 12,000 dedicated employees. It has around 6,50,000 sq.ft of retail space and has good presence in the ecommerce space.
GRT Jewellers also operates a few sub-brands like Oriana for light weight affordable jewellery in gold and diamonds and also Silvana for silver jewellery collections
Deloitte was the lea- advisor to the transaction and Axis Capital acted as the financial advisor for GRT. Trilegal advised GRT as the legal counsel while Srihari & Co advised on financial and tax due diligence. AZB & Partners advised TBZ as its legal counsel and Ernst & Young LLP acted as the financial advisor for TBZ.