GRT Jewellers launches ₹431cr TBZ offer at ₹249.61 per share
Business
GRT Jewelers from Chennai just rolled out a ₹431 crore open offer to buy 25.88% more of Tribhovandas Bhimji Zaveri (TBZ), after already snapping up about 75% promoter stake of the company.
The catch? Their offer price, ₹249.61 per share, is way below TBZ's latest market price of ₹550.65.
GRT Jewellers plans nationwide expansion
This move is all about growing bigger across India, especially in the north.
Earlier, GRT agreed to buy most of TBZ for ₹1,034 crore at an even lower price per share, pending approvals.
Investors seem excited (TBZ shares hit record highs after the news), so it looks like GRT is serious about making its mark nationwide.