Home / Business and Economy / TBZ Share Price Surges After Major Acquisition Deal
TBZ Share Price Surges After Major Acquisition Deal
1 Sep
Summary
- TBZ share price surged after announcing a share purchase agreement.
- GRT Jewellers will acquire a 74.12% stake in Tribhovandas Bhimji Zaveri.
- The transaction is subject to regulatory approvals and closing conditions.
Tribhovandas Bhimji Zaveri (TBZ) saw its share price reach a 20% upper circuit on Tuesday after announcing a pivotal share purchase agreement (SPA) with its promoters. This agreement positions GRT Jewellers to acquire a substantial 74.12% stake in TBZ. The completion of this transaction is contingent upon securing necessary regulatory approvals and meeting standard closing conditions.
The Chairman & Managing Director of TBZ expressed immense pride in the company's legacy, founded five generations and 162 years ago, and its growth into 37 locations nationwide. He highlighted the role of his daughters in scaling the business and conveyed confidence in GRT Jewellers to usher TBZ into its next chapter.
GRT Jewellers' Managing Director stated that this acquisition fulfills their long-held aspiration for a pan-India presence. He emphasized the synergistic potential of combining TBZ's heritage, customer relationships, and merchandise with GRT's retail expertise, anticipating enhanced customer experiences and value creation for all stakeholders.
Specialized financial and legal advisors supported this significant transaction. Deloitte and Ernst & Young LLP served as key advisors for the acquisition, while AZB & Partners provided legal counsel to TBZ. Axis Capital and Trilegal were among the advisors for GRT Jewellers.
