TBZ promoters sell entire 74.12% holding through off-market transfers

Tribhovandas Bhimji Zaveri Limited disclosed that six promoters and promoter-group entities sold 4.9459775 crore equity shares, representing 74.12% of its total paid-up equity capital, through off-market sales on October 30, 2026. Each seller reported a nil holding after the transaction, including Shrikant Gopaldas Zaveri, whose disposal represented 50.06% of the company.

Who sold TBZ shares and how much did each holder own?

Six named holders sold all of the TBZ equity shares recorded against them before the October 30, 2026 transactions. The four sellers classified as promoters were Shrikant Gopaldas Zaveri, Bindu Shrikant Zaveri, Binaisha Shrikant Zaveri and Raashi Shrikant Zaveri. Tribhovandas Bhimji Zaveri (TBZ) Private Limited and Tribhovandas Bhimji Zaveri Jewellers (Mumbai) Private Limited were classified as members of the promoter group.

Shrikant Gopaldas Zaveri was the largest disclosed seller, transferring 3.3402275 crore equity shares, or 50.06% of TBZ's issued and paid-up equity capital. The other five sellers transferred a combined 1.60575 crore shares, representing 24.06% based on the individual rounded percentages. The filings state that each holder's post-sale position was nil, compared with the combined 74.12% position before the transfers.

The four individual promoters accounted for 70.07% of TBZ's equity capital, while the two promoter-group companies accounted for 4.04%. The two companies each disposed of 13.50 lakh shares, or 2.02%, whereas Shrikant Gopaldas Zaveri alone sold more shares than the other five holders combined. The percentage figures in the individual forms are rounded to two decimal places.

How were TBZ shares transferred on October 30, 2026?

All six TBZ transactions were reported as off-market sales completed on October 30, 2026. Each individual form gives October 30, 2026 as the disposal date and the date of intimation to TBZ, while the field for the exchange on which the trade was executed is marked “NA”. The securities were equity shares with a face value of Rs 10 each.

The filing therefore identifies the transfer mechanism but does not identify the transferees. It does not state the reason for the sales, whether the transfers were related to one transaction arrangement, or the ownership held by any recipient after completion. Although TBZ addressed its covering letter to BSE Limited and the National Stock Exchange of India Limited, the individual disposals were not described as on-market trades on either exchange.

The disclosures were made under Regulation 7(2) of the Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015. The sellers cited Regulation 7(2)(a), while TBZ's exchange intimation cited Regulation 7(2)(b). Every form also reported nil trading in derivatives, meaning the disclosed changes concern equity shares rather than futures or options contracts.

What value did TBZ report for the sales?

The six individual TBZ forms report transaction values totalling Rs 967.8742975 crore, calculated by adding the values stated for each sale. Shrikant Gopaldas Zaveri reported the largest value, Rs 698.1075475 crore, for 3.3402275 crore shares. The forms state that transaction value excludes taxes, brokerage and other charges.

The values differ across the six forms in line with their disclosed share quantities, but the filing does not state a common transfer price or explain the consideration arrangements. Bindu Shrikant Zaveri's 0.35 crore-share sale was reported at Rs 7.315 crore, while Binaisha Shrikant Zaveri's 0.5285 crore-share sale was reported at Rs 110.4565 crore. The documents provide the reported transaction values, not a quotation-based valuation of the shares.

What do TBZ filings show after the sales?

The TBZ forms show that the six named sellers moved from a combined disclosed holding of 74.12% to nil holdings after October 30, 2026. This finding applies to the named promoters and promoter-group entities in the Regulation 7(2) disclosures. It is not a complete post-transaction shareholding pattern for TBZ.

The filing does not name the buyers of the 4.9459775 crore shares or say whether any buyer is an existing shareholder, a promoter-group member or a new holder. It also does not disclose any resulting change in TBZ's board, management or control. Those matters cannot be determined from forms that record the sellers' holdings before and after a disposal.

TBZ identified its International Securities Identification Number as INE760L01018 in each form. The company sent its covering disclosure on October 30, 2026, enclosing six separate forms from the four promoter individuals and two promoter-group companies. The common features across those forms were the same disposal date, off-market sale classification and nil post-sale holding.

Conclusion

The disclosures record a wholesale change in the reported positions of six TBZ promoter-side holders: 4.9459775 crore equity shares, equal to 74.12% of paid-up capital, were sold off-market on October 30, 2026. Shrikant Gopaldas Zaveri's 50.06% disposal made up most of the reported stake, while the two promoter-group companies together accounted for 4.04%.

What to watch next is any TBZ disclosure that identifies the recipients or supplies an updated shareholding pattern, because the October 30, 2026 forms leave the buyers and resulting ownership structure unresolved. The filing contains no stated operating plan, target, timetable or reason for the completed transfers beyond the required regulatory disclosure.