India's competition watchdog clears GRT buy 74.12% TBZ ₹1,034 cr
Big news in the jewelry world: GRT Jewellers just got the go-ahead from India's competition watchdog to acquire a 74.12% stake in Tribhovandas Bhimji Zaveri (TBZ) for ₹1,034 crore.
This move raises no competition concerns and clears the way for the acquisition/public offer.
The deal was set up last August and marks a major step for both brands.
GRT offers ₹209 per share buyout
GRT is offering ₹209 per share for its 74.12% stake acquisition for ₹1,034 crore and for the remaining 25.88% stake offer, valued at ₹431 crore, to buy out TBZ's public shareholders, aiming to fully take over the company.
TBZ shares on NSE closed at ₹655.85 on Tuesday, up 4.99% or ₹31.20, with its market value now at about ₹4,377 crore, showing investors are feeling pretty confident.
This acquisition could make GRT an even bigger player in the market soon.