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Competition Commission of India

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GRT Jewellers takes control path at TBZ as market prices a much larger pan-India growth opportunity

GRT Jewellers has agreed to buy the Zaveri family’s 74.12% TBZ stake for up to ₹1,033.71 crore and has launched a ₹431 crore open offer for the remaining public shares. Yet TBZ’s September 1 rally values the listed jeweller near ₹2,448 crore, creating a striking gap between the contractual takeover economics and what investors believe the business could become under a much larger pan-India jewellery group.