TBZ stake sale, open offer at a steep discount, but stock in 20% upper circuit

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.