Tribhovandas Bhimji Zaveri Limited informed stock exchanges on October 13, 2026, that GRT Jewellers (India) Private Limited has secured approval from the Competition Commission of India (CCI). This clearance pertains to GRT's proposed acquisition of a majority stake in the jewellery retailer.

The development follows earlier disclosures made by the company on August 31, 2026. The receipt of this regulatory approval marks a significant step in the consolidation process within the Indian organized jewellery sector, moving the transaction closer to completion.

Regulatory Compliance and Disclosure

The disclosure was made under Regulation 30 of Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015. In compliance with Regulation 46(2) of the same regulations, the company hosted the relevant information on its official website at www.tbztheoriginal.com .

The filing was signed by Arpit Maheshwari, Company Secretary of Tribhovandas Bhimji Zaveri Limited, confirming the receipt of the CCI approval for the majority stake acquisition by GRT Jewellers.

GRT Jewellers (India) Private Limited has filed its Draft Letter of Offer with SEBI to acquire up to 25.88% of the voting share capital in Tribhovandas Bhimji Zaveri at ₹249.61 per equity share. The offer targets 1,72,70,845 shares from public shareholders, representing the entire public float as of the filing date.

The acquisition follows a Share Purchase Agreement dated August 31, 2026, between GRT Jewellers and the promoters of Tribhovandas Bhimji Zaveri. Under the agreement, the promoters agreed to sell their entire stake of 74.12% (4,94,59,775 shares) at a maximum price of ₹209.00 per share. The total maximum consideration for the promoter sale is ₹10,337.09 crore.

Offer Details and Timeline

The open offer is mandatory under SEBI (SAST) Regulations due to the change in control triggered by the promoter sale. The tendering period is scheduled to open on October 26, 2026, and close on November 6, 2026. The identified date for determining eligible shareholders is October 9, 2026.

The offer price of ₹249.61 was determined based on the volume-weighted average market price on NSE over the 60 trading days preceding the public announcement. This is higher than the negotiated price of ₹209.00 paid to promoters. The maximum consideration payable under the open offer, assuming full acceptance, is approximately ₹431.10 crore.

Financial Arrangements and Approvals

GRT Jewellers has deposited an escrow amount of ₹4.31 crore (1% of maximum consideration) and furnished an irrevocable bank guarantee of ₹107.77 crore (25% of maximum consideration) with Axis Bank Limited. The transaction is subject to Competition Commission of India (CCI) approval and lenders' approval from six identified banks, including State Bank of India and Kotak Mahindra Bank.

What the Numbers Show

The disparity between the open offer price (₹249.61) and the promoter sale price (₹209.00) highlights the premium required to acquire minority public shares compared to negotiated block deals. The acquirer, GRT Jewellers, reported revenue of ₹43,147.15 crore for FY26, demonstrating substantial financial capacity to fund the acquisition through internal resources and fixed deposits.

AGM and Dividend Context

Tribhovandas Bhimji Zaveri’s 19th Annual General Meeting held on September 9, 2026, approved FY26 financial statements and declared a dividend of ₹2.50 per share. All resolutions were passed with substantial majority support. The company’s CFO briefed members on financial performance, while the Chairman outlined key developments during the fiscal year.