New Delhi, Sept. 1 -- Tribhovandas Bhimji Zaveri (TBZ) share price hit 20% upper circuit in Tuesday's trading session after the company said that it has entered into a share purchase agreement (SPA) with the promoters of TBZ to acquire a 74.12% stake in the company.

TBZ share price opened at Rs.305.75 per share today, as compared to previous close of Rs.304.45 on Monday. The stock touched an intraday high of Rs.366.50 on 1 September.

In an exchange filing dated 31 August, TBZ said that GRT would acquire the Promoter's stake for an aggregate value of up to Rs.1,033.71 crores. GRT will also be launching an open offer for another 26% as per applicable SEBI regulations.

The company further said that the consummation of the SPA will be subj...