New Delhi, Aug. 31 -- Chennai-based GRT Jewellers India Pvt. Ltd has signed a share purchase agreement to acquire a 74.12% stake in listed jewellery retailer Tribhovandas Bhimji Zaveri Ltd (TBZ), known as TBZ The Original, from its promoters. The deal values the promoter stake at up to Rs.1,033.71 crore.

Following the transaction, GRT will launch an open offer to acquire an additional approximately 26% stake from public shareholders, in line with Securities and Exchange Board of India (Sebi) regulations.

The acquisition will give GRT control of TBZ and marks an expansion of its presence in India's organised jewellery retail market.

The deal also marks a significant consolidation in India's jewellery retail sector, with a South India-fo...