GRT Jewellers to buy TBZ stake as shares hit ₹423
Business
Big moves in the jewelry world: GRT Jewelers is set to buy a major stake in Tribhovandas Bhimji Zaveri (TBZ), and TBZ's shares have gained 38.4% across two sessions.
On Wednesday, the stock hit ₹423 on the NSE, riding the wave from GRT's announcement.
GRT to buy 74.12% of TBZ
GRT plans to grab 74.12% of TBZ by buying 4.95 crore shares at ₹209 each, worth about ₹1,033.71 crore.
They're also offering public shareholders ₹249.61 per share, which could push the total deal to around ₹1,465 crore if everyone joins in.
The Zaveri family will exit ownership, but GRT says TBZ will stay publicly listed after approvals are sorted out.
Interestingly, TBZ shares are trading way above the offer price right now, nearly 69.5% higher, so investors are definitely paying attention.