GRT will also be launching an open offer for another 26% as per applicable SEBI regulations, said the companies in a joint statement.

GRT Jewellers India Private Limited (GRT) on August 31 announced signing of share purchase agreement (SPA) with the promoters of Tribhovandas Bhimji Zaveri Limited (TBZ) to acquire their stake of 74.12% in the company.

As per the SPA, GRT would acquire the promoter’s stake for an aggregate value of up to Rs 1,034 crore. "The consummation of the SPA will be subject to appropriate regulatory approvals and customary closing conditions. GRT will also be launching an open offer for another 26% as per applicable SEBI regulations," said the companies in a joint statement.

G R Ananthapadmanabhan, Managing Director of GRT Jewellers, said: "This very well fits into our strategy of spreading our presence across India with TBZ having 37 stores."

R Vijayaraghavan, Executive Director & CEO of GRT Jewellers, who spearheaded the acquisition process for GRT, said, ‘Experienced management bandwidth of GRT combined with professional senior executives of TBZ will work on several growth drivers to take TBZ to newer heights.’

Courtesy: Money Control