TBZ open offer 2026: GRT bids ₹249.61 per share

TBZ stock in focus after GRT’s acquisition plan

Tribhovandas Bhimji Zaveri Ltd (TBZ) came into sharp market focus after GRT Jewellers (India) Private Limited announced a transaction structure combining a promoter stake purchase and a mandatory open offer for public shareholders. Market attention was driven by a wide gap between the offer prices and the stock’s trading levels during the week. The move also brought renewed interest to TBZ as a listed jewellery retailer, especially after a strong run in the stock over the past six months.

As per the information provided, TBZ’s share price data feed showed that as of 07-09-2026 12:38, the share price was ₹0, down ₹480.85 (-100.00%) from the previous close of ₹480.85. This reading sits alongside separate market reports that cited TBZ trading materially above the offer prices around the announcement period.

What GRT Jewellers has proposed

GRT Jewellers entered into a share purchase agreement (SPA) with TBZ’s promoters to acquire 4,94,59,775 shares. This block represents 74.12% of the voting share capital of TBZ. The reported purchase price for the promoter stake is “up to ₹209 per share.”

Alongside the SPA, GRT Jewellers announced a mandatory open offer under SEBI (SAST) Regulations to acquire up to 1,72,70,845 fully paid-up equity shares from public shareholders. This open offer represents 25.88% of TBZ’s voting share capital. The offer price for public shareholders has been set at ₹249.61 per share, payable in cash.

Public announcement and the role of Axis Capital

TBZ disclosed receipt of a public announcement related to the open offer. Axis Capital Ltd, described as the “Manager to the Offer,” submitted a copy of the public announcement to BSE for the attention of TBZ’s public shareholders. The public announcement referenced in the material is dated August 31, 2026.

The communication was addressed to BSE Limited and the National Stock Exchange of India Limited. The open offer documentation describes TBZ as the “Target Company” and specifies that the equity shares have a face value of ₹10 each.

Key open offer terms: size, price, and cash consideration

The open offer is for up to 1,72,70,845 shares (25.88% of voting share capital) at ₹249.61 per share. Assuming full acceptance, the total consideration is capped at ₹431.10 crore, payable in cash, subject to terms and conditions in the public announcement.

The open offer is described as being triggered by the mandatory requirements under SEBI (SAST) Regulations following the SPA for 74.12% of TBZ’s voting share capital.

Conditions and next procedural steps mentioned

The transaction is subject to conditions precedent, including approval from the Competition Commission of India (CCI). It also requires approvals from identified lenders, named as State Bank of India, Union Bank of India, Central Bank of India, Kotak Mahindra Bank, IndusInd Bank, and Federal Bank.

A Detailed Public Statement (DPS) is expected to be published on or before September 7, 2026. The tendering period for the open offer is expected to last for 10 working days, as specified in the Letter of Offer (LOF).

How TBZ shares reacted in the market

Market reports cited sharp price moves in TBZ shares following the news flow around the open offer and the SPA. As per the provided report, TBZ shares surged 38.9% over two sessions as investors reacted to the proposed acquisition. The stock was reported to have climbed to ₹423 on Wednesday, which is well above both the promoter transaction price (up to ₹209) and the open offer price (₹249.61).

Another reported data point noted TBZ hitting an upper circuit at ₹366.50, taking its six-month rise to 148.73%. Separately, TBZ was reported to have rallied 20% in Tuesday’s trade in response to the mandatory open offer announcement.

Offer price versus trading price: the reported gap

A key feature of the episode is the reported discount of the open offer price to market price at the time. TBZ shares were stated to have settled at ₹304.40 on Monday, while the offer price of ₹249.61 per share was described as 18% below the prevailing market price.

This gap widened further in reports that placed the stock at ₹423 on Wednesday. The divergence between market price and offer price is central to how investors interpret near-term price action, especially during periods when open offer timelines and acceptance conditions become the focus.

Dividend payout ratio snapshot

The provided material also includes TBZ’s dividend payout ratios. TBZ’s latest dividend payout ratio is stated as 8.25%, while the three-year average dividend payout ratio is stated as 17.22%. These figures offer a quick snapshot of TBZ’s recent capital allocation pattern, although the corporate action in focus remains the ownership change and open offer process.

Why this matters for public shareholders and the sector

For public shareholders, the open offer sets a defined cash price of ₹249.61 per share for tendering, subject to the Letter of Offer terms and the overall process under SEBI (SAST) Regulations. The stated maximum open offer size of 25.88% and the cash cap of ₹431.10 crore establish the upper limit of consideration assuming full acceptance.

For the listed jewellery retail space, the proposed acquisition highlights consolidation dynamics where a private operator seeks majority control in a listed retailer via an SPA, coupled with a mandatory open offer. The presence of regulatory and lender approvals in the conditions precedent also signals that process completion depends on multiple clearances.

Conclusion

TBZ shares remained in the spotlight after GRT Jewellers’ plan to acquire a 74.12% promoter stake and launch a 25.88% open offer at ₹249.61 per share, with total consideration capped at ₹431.10 crore assuming full acceptance. The market reaction, as reported, saw TBZ trade well above the offer prices even as formal open offer steps progressed. The next near-term milestones cited include publication of the Detailed Public Statement on or before September 7, 2026, followed by a 10-working-day tendering period as set out in the Letter of Offer.