Trilegal advised GRT Jewellers India, while AZB & Partners advised Tribhovandas Bhimji Zaveri (TBZ), in connection with GRT’s proposed acquisition of a 74.12% stake in TBZ from its promoters and members of the promoter group for an aggregate consideration of up to INR 1,033.71 crore.
The transaction is subject to applicable regulatory approvals and customary closing conditions. Following the acquisition, GRT will launch a mandatory open offer to acquire an additional approximately 26% stake in TBZ from its public shareholders, in accordance with applicable SEBI regulations.
The proposed acquisition will provide GRT access to TBZ’s pan-India retail network of 37 stores and its established brand and customer base. GRT currently operates 68 stores across India and one store in Singapore. The transaction is aimed at accelerating GRT’s strategy of establishing a stronger pan-India presence in the jewellery retail market.
TBZ, founded in 1864, has a 162-year operating history and operates a network of 37 stores across India. GRT was founded in 1964 and has grown into a major jewellery retailer with a significant presence in South India.
The Trilegal corporate team advising GRT was led by partners Ashwyn Misra and Deep Choudhuri, and supported by senior associates Teeshta Bissa and Jatin Sharma, and associates Anuraag Pillai, Shubhangi Singh, Niti Gosrani, Rohit Krishna and Anthara N.
The Trilegal employment team was led by partner Kanishka Maggon and associate Abhijeet Singh. The intellectual property team was led by partner Kirti Balasubramanian and associate Paarth Samdani. The real estate team was led by partner Rahul Arora and comprised senior associate Yashasvi Gupta and consultants Virendra Bapat, Meghana Reddy Pulugu and Shivek Jhanda. The competition team was led by partner Gautam Chawla and supported by counsel Ankush Walia, senior associate Madhav Kapoor, and associates Archit Jain and Shambhavi Sirothia.
