Tribhovandas Bhimji Zaveri (TBZ) share price extended its gaining streak for second consecutive session, jumped over 11% in Wednesday’s trading session.
The jewellery stock opened at ₹380 apiece on Wednesday, as compared to previous close of ₹366.80 on Tuesday. TBZ shares touched an intraday high of ₹430 on NSE on 2 September.
share price hit 20% upper circuit, touching an intraday high of ₹366.50 on 1 September.
What’s behind the rally?
The company said it has entered into a share purchase agreement (SPA) with the promoters of TBZ to acquire a 74.12% stake in the jewellery retailer.
According to an exchange filing dated August 31, said GRT will acquire the promoters’ stake for an aggregate consideration of up to ₹1,033.71 crore. Following the transaction, GRT will also make an open offer to acquire an additional 26% stake in TBZ, in accordance with applicable SEBI regulations.
The company added that completion of the SPA will be subject to the receipt of necessary regulatory approvals and the fulfilment of 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.
G.R. Radhakrishnan, Managing Director of GRT Jewellers, said the company’s long-standing ambition of establishing a meaningful pan-India presence is now taking shape. He said the complementary strengths of the two organisations, including their heritage, customer relationships and merchandise portfolios, combined with GRT’s retail capabilities and growth-focused approach, will create a stronger retail experience and support TBZ’s next phase of growth while generating value for all stakeholders.
Deloitte acted as the lead advisor for the transaction, while Axis Capital served as GRT’s financial advisor. Trilegal was GRT’s legal counsel, with Srihari & Co providing financial and tax due diligence support. For TBZ, AZB & Partners acted as legal counsel, while Ernst & Young LLP served as the financial advisor.
TBZ, or , traces its roots back to 1864, when Late Shri Bhimji Zaveri established the company’s first flagship store in Mumbai’s Zaveri Bazar. Over the years, the jewellery retailer has built its legacy around fine craftsmanship, stringent quality standards and customer-focused innovations. Its initiatives, including a 100% gold buy-back scheme, reflect its emphasis on customer trust and value.
Tribhovandas Bhimji Zaveri share price trend
TBZ shares have delivered exceptional returns despite weak market sentiment. The jewellery stock has surged 32% over the past week and 46% in the last month.
The stock has also generated multibagger returns of 145% on a year-to-date (YTD) basis, while gaining 115% over the past year.
Over the longer term, TBZ shares have delivered impressive returns, rising 244.58% in three years and 431% in five years.
Disclaimer: This story is for educational purposes only. Please consult with an investment advisor before making any investment decisions.