1 day ago
TBZ Hits Upper Circuit After GRT Jewellers Open Offer
GRT Jewellers plans to buy most of TBZ from its promoters.
The deal covers about 74% of TBZ’s voting shares.
GRT may pay up to Rs 209 for each share.
The total promoter-share purchase could cost up to Rs 1,033.71 crore.
GRT will also make an offer to buy shares from public investors.
That offer could be worth Rs 431.09 crore if everyone accepts it.
The deal still needs certain approvals and must meet other conditions.
TBZ’s chairman said he was proud of the company’s history and believed GRT was well placed to guide its next chapter.
TBZ shares reached their 20% upper circuit limit after GRT Jewellers announced an open offer.
GRT agreed to buy 4,94,59,775 TBZ shares, representing 74.12% of voting share capital.
The promoter stake purchase is valued at a maximum of Rs 1,033.71 crore, at up to Rs 209 per share.
Assuming full public acceptance, GRT’s cash open offer would be worth Rs 431.09 crore.
Completion depends on regulatory approvals, including CCI and lenders’ approval, plus customary closing conditions.
- Who
- GRT Jewellers, TBZ’s promoters and promoter-group members, and TBZ’s public shareholders.
- What
- GRT Jewellers agreed to acquire 74.12% of TBZ and make a cash open offer for public shares.
- Where
- The transaction was disclosed by TBZ to BSE; no other location is specified.
- When
- Following the announcement; the exact date is not specified in the article.
- Why
- GRT is seeking to acquire control of TBZ, while the open offer would give public shareholders an opportunity to sell their shares.
Key facts
- Promoter stake
- 4,94,59,775 shares, or 74.12% of TBZ’s voting share capital
- Maximum price
- Rs 209 per share
- Maximum promoter consideration
- Rs 1,033.71 crore
- Potential open offer size
- Rs 431.09 crore, assuming full public acceptance
- Payment method
- Cash
- Required approvals
- CCI approval and lenders’ approval, among other conditions
- Transaction advisers
- Deloitte advised the transaction; Axis Capital was GRT’s financial adviser
Quotes
Tribhovandas Bhimji Zaveri (TBZ)
The company making the disclosure to the BSE
“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”
businesstoday.in
“The price per SPA sale share and such maximum aggregate consideration may be subject to downward adjustments (if any) in accordance with the provisions of the SPA), and subject to the satisfaction of certain conditions precedent as set out thereunder, which, inter alia, include receipt of the CCI Approval and Lenders’ Approval”
businesstoday.in
Sources
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