3 days ago
TBZ Stock Hits Record High After GRT Acquisition Deal
TBZ is a jewellery company whose shares jumped sharply today.
Its stock reached a record price of ₹472.50 on the BSE.
The rise followed news that GRT Jewellers plans to buy the stake held by TBZ’s promoter.
The deal could be worth up to ₹1,033.71 crore.
GRT also plans to offer to buy another 26% of TBZ under market rules.
The deal still needs regulatory approvals and must meet other closing conditions.
GRT has many stores, online operations, and more than 15 million customers.
TBZ has 37 stores across India and the stock is considered strongly overbought based on its RSI.
Tribhovandas Bhimji Zaveri shares rose 56% and reached an all-time high of ₹472.50 on the BSE.
The stock has gained 240% in six months and 504% in five years.
GRT Jewellers agreed to acquire the promoter’s stake for up to ₹1,033.71 crore, subject to approvals and closing conditions.
GRT will launch an open offer for an additional 26% stake under applicable SEBI regulations.
TBZ operates 37 stores across India, while GRT has about 650,000 square feet of retail space and more than 15 million customers.
- Who
- GRT Jewellers plans to acquire the promoter’s stake in Tribhovandas Bhimji Zaveri.
- What
- GRT agreed to a stake purchase worth up to ₹1,033.71 crore and plans an open offer for another 26%.
- Where
- TBZ shares reached ₹472.50 on the BSE; the companies operate jewellery businesses across India.
- When
- The stock reached its record high today, according to the article.
- Why
- The stock rallied after details of GRT’s proposed acquisition and open offer were disclosed.
Key facts
- Stock gain
- TBZ shares rose 56% in the reported session.
- Record high
- ₹472.50 on the BSE.
- Six-month performance
- The stock has gained 240%.
- Five-year performance
- The stock has gained 504%.
- Proposed acquisition value
- Up to ₹1,033.71 crore for the promoter’s stake.
- Open offer
- GRT plans to launch an offer for an additional 26% stake.
- Regulatory status
- The transaction requires regulatory approvals and customary closing conditions.
Sources
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