The Competition Commission of India approved GRT Jewellers’ ₹1,034-crore stake acquisition in TBZ. GRT will buy a 74.12 per cent stake in the legacy jeweller. They also offered to buy the remaining shares from public shareholders. Following this news, TBZ shares rose nearly 5 per cent on the NSE this Tuesday.
The Competition Commission of India (CCI) has approved GRT Jewellers’ acquisition of legacy jeweller Tribhovandas Bhimji Zaveri (TBZ).
GRT to acquire 74.12% stake in TBZ for ₹1,034 crore
The two companies signed a Special Purchase Agreement in August this year, under which GRT would acquire a 74.12 per cent stake in TBZ for ₹1,034 crore (₹209 per share).
The regulator said in an order that the proposed transaction raises no competition concerns.
GRT Jewellers also issued a letter of offer (LOF) to TBZ’s public shareholders to acquire the remaining 25.88 per cent (1,72,70,845 shares) of the legacy jeweller for ₹431 crore.
TBZ shares gain nearly 5% on NSE
TBZ’s market capitalisation is around ₹4,377 crore as of the time of writing.
TBZ shares on NSE closed at ₹655.85 on Tuesday, up 4.99% or ₹31.20.