Shares of Tribhovandas Bhimji Zaveri Ltd. surged 20% on Tuesday, September 1, hitting the upper circuit of ₹366.50. The stock also touched a fresh 52-week high of ₹366.50, while trading volumes spurted more than 6.7 times. The sharp move comes after GRT Jewellers announced plans to acquire a 74.12% stake in TBZ from its promoters.
GRT Jewellers has entered into a share purchase agreement with TBZ's promoters to acquire the 74.12% equity stake at ₹209 per share, for a total consideration of around ₹1,033.7 crore. Following the acquisition, GRT Jewellers will make an open offer to acquire an additional 26% stake in TBZ from public shareholders at ₹249.60 per share.
GRT Jewellers currently operates 68 stores across India and one store in Singapore. For FY26, TBZ reported revenue of ₹3,203 crore, while EBITDA stood at ₹369 crore, translating into an EBITDA margin of 12%. Profit after tax stood at ₹202 crore. As of FY26, TBZ had borrowings of ₹886 crore, with finance costs at ₹77 crore.
The TBZ stock has gained around 76% over the past three months. The stock was trading at around ₹305, compared with the ₹209 per share acquisition price and ₹249.60 per share open offer price.