Tribhovandas Bhimji Zaveri Share Price Today: Tribhovandas Bhimji Zaveri shares remained firmly in focus on Friday, with the stock hitting the 10% upper circuit at Rs 472.50 apiece amid heavy trading volumes.
At 10:02 am, the stock continued to remain locked in the 10% upper circuit at Rs 472.50. In comparison, the BSE Sensex was trading 0.75% higher at around 76,720.
The sharp buying interest in the stock came alongside strong volumes. Around 1.39 lakh shares worth Rs 6.54 crore changed hands on the BSE, while 33.12 lakh shares worth Rs 156.27 crore were traded on the NSE.
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Why Is Tribhovandas Bhimji Zaveri Stock Rising?
The latest rally in Tribhovandas Bhimji Zaveri (TBZ) shares comes after GRT Jewellers India agreed earlier this week to acquire a 74.12% stake in the jewellery retailer for up to Rs 1,034 crore.
The transaction involves the acquisition of the promoter holding and remains subject to regulatory approvals and other closing conditions, according to Reuters.
Following completion of the acquisition, GRT Jewellers will make an open offer for an additional 26% stake in TBZ in accordance with SEBI regulations.
If the open offer is fully accepted, GRT could potentially increase its ownership to nearly the entire equity of the listed jewellery company.
GRT Jewellers To Expand India Presence
The proposed acquisition is expected to strengthen GRT Jewellers' presence across India by adding TBZ's established retail network to its operations.
TBZ currently operates 37 stores across the country and has a history spanning 162 years.
G R Ananthapadmanabhan, Managing Director of GRT Jewellers, said the transaction is aligned with the company's strategy of expanding its presence across India. He added that TBZ's existing store network would provide a platform to support that expansion.
GRT said its management team will work with TBZ's senior executives to identify new growth opportunities and strengthen the jewellery retailer's business.
TBZ Share Price: What Investors Are Watching
With the proposed acquisition set to trigger a change in ownership and a subsequent open offer, investors will be closely watching the regulatory approvals, completion of the stake purchase and the terms of the open offer.
The acquisition announcement has triggered strong buying interest in TBZ shares, with the stock extending its recent rally and hitting the 10% upper circuit on Friday.
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