Tribhovandas Bhimji Zaveri (TBZ) share price hit 20% upper circuit in Tuesday’s trading session after the company said that it has entered into a share purchase agreement (SPA) with the promoters of TBZ to acquire a 74.12% stake in the company.
TBZ share price opened at ₹305.75 per share today, as compared to previous close of ₹304.45 on Monday. The stock touched an intraday high of ₹366.50 on 1 September.
What’s behind the rally?
In an exchange filing dated 31 August, TBZ said that GRT would acquire the Promoter’s stake for an aggregate value of up to ₹1,033.71 crores. GRT will also be launching an open offer for another 26% as per applicable SEBI regulations.
The company further said that the consummation of the SPA will be subject to appropriate regulatory approvals and customary closing conditions.
“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. 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. We know that our heritage, our values, and our people are in the absolute best hands to write the next great chapter for TBZ,” said Shrikant Zaveri, Chairman & Managing Director of TBZ.
Meanwhile, G.R. Radhakrishnan, Managing Director of GRT Jewellers, said that the company’s long-awaited aspiration of building a meaningful Pan-India presence is now becoming a reality.
He further added that 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 and creating value for all stakeholders.
Deloitte served as the lead advisor for the transaction, while Axis Capital was the financial advisor to GRT. Trilegal acted as GRT’s legal counsel, with Srihari & Co providing financial and tax due diligence support. On the other side, AZB & Partners served as TBZ’s legal counsel, while Ernst & Young LLP acted as its financial advisor.
TBZ traces its origins to 1864, when Late Shri Bhimji Zaveri established its first flagship store in Zaveri Bazar. Over the years, the company has built on its heritage through fine craftsmanship, stringent quality standards and customer-centric innovations. Initiatives such as its 100% gold buy-back scheme underscore its focus on building trust and delivering value to customers.
The company offers a diverse range of jewellery, from intricately crafted gold pieces and diamond jewellery to sophisticated bridal collections, designed to cater to changing preferences across generations and regions. TBZ operates an integrated business model that combines a modern manufacturing facility, skilled artisans and an extensive vendor network. Its pan-India retail footprint of 37 stores enables the company to maintain close customer connect and adapt to evolving consumer preferences.
TBZ share price trend
TBZ share price has given exceptional gains despite weak market sentiments. The jewellery stock has gained 30.57% in a week and 46% in a month.
Furthermore, TBZ shares have given multibagger returns of 123% on year-to-date (YTD) basis and 95% in a year.
Looking at the broader level, the stock has delivered 212% gains in three years, 389% in five years and 424% in ten years.
Disclaimer: This story is for educational purposes only. Please consult with an investment advisor before making any investment decisions.
