India's GRT Jewellers seeks control of Tribhovandas Bhimji Zaveri in up to $109 million deal
BENGALURU: India’s Tribhovandas Bhimji Zaveri said on Monday that GRT Jewellers India will acquire a 74.12% stake in the company for up to 10.34 billion rupees ($108.66 million), taking control of the jewellery retailer. Based on Tribhovandas Bhimji Zaveri’s market capitalization of 20.38 billion rupees, the stake is valued at about 15.11 billion rupees. India’s jewellery sector is reassessing its growth strategy as major retailers rein in rapid expansion and double down on lightweight jewellery as gold prices soar to all-time highs. GRT will acquire the stake from the firm’s top shareholders and launch an open offer for an about 26% additional stake, the companies said in a press release. Both Tribhovandas Bhimji Zaveri and GRT have a strong presence in gold and diamond jewellery, integral to weddings and other auspicious occasions in India, the world’s second-largest gold consumer that relies on imports to meet nearly all of its demand. India gold demand ticks up as prices slip Tribhovandas Bhimji Zaveri, which began with a single store in 1864, fits into GRT’s strategy to expand its footprint across India through its network of 37 stores, GRT Jewellers’ Managing Director G.R. An
English
India's GRT Jewellers seeks control of Tribhovandas Bhimji Zaveri in up to $109 million deal
BENGALURU: India’s Tribhovandas Bhimji Zaveri said on Monday that GRT Jewellers India will acquire a 74.12% stake in the company for up to 10.34 billion rupees ($108.66 million), taking control of the jewellery retailer. Based on Tribhovandas Bhimji Zaveri’s market capitalization of 20.38 billion rupees, the stake is valued at about 15.11 billion rupees. India’s jewellery sector is reassessing its growth strategy as major retailers rein in rapid expansion and double down on lightweight jewellery as gold prices soar to all-time highs. GRT will acquire the stake from the firm’s top shareholders and launch an open offer for an about 26% additional stake, the companies said in a press release. Both Tribhovandas Bhimji Zaveri and GRT have a strong presence in gold and diamond jewellery, integral to weddings and other auspicious occasions in India, the world’s second-largest gold consumer that relies on imports to meet nearly all of its demand. India gold demand ticks up as prices slip Tribhovandas Bhimji Zaveri, which began with a single store in 1864, fits into GRT’s strategy to expand its footprint across India through its network of 37 stores, GRT Jewellers’ Managing Director G.R. An
