TBTribhovandas Bhimji Zaveri534369Stake acquisition deal

Acquirer completes purchase of 74.12% stake, becomes promoter; sellers cease to be promoter group

GRT Jewellers (India) Private Limited has completed the purchase of ~4.95 crore equity shares, or 74.12% of the paid-up equity capital, and has acquired control of the company as its new promoter.

By ScoutQuest · Fri 30 Oct 2026, 3:05 PM IST · 2 min read

Stake Acquired

74.12% of the paid-up equity capital

Shares Transferred

~4.95 crore equity shares

Completion Date

October 30, 2026

What was announced

• The company informed the exchanges that the sale and transfer of ~4.95 crore fully paid equity shares from the Sellers to GRT Jewellers (India) Private Limited (the Acquirer) was completed on October 30, 2026.
• These shares represent 74.12% of the total paid-up equity share capital of the company.
• The Sellers are Mr. Shrikant Gopaldas Zaveri, Mrs. Bindu Shrikant Zaveri, Ms. Binaisha Shrikant Zaveri, Ms. Raashi Shrikant Zaveri, Tribhovandas Bhimji Zaveri (TBZ) Private Limited and Tribhovandas Bhimji Zaveri Jewellers (Mumbai) Private Limited.

Change in promoter and control

• Following the transfer, the Acquirer has acquired control of the company and has become the promoter of the company.
• The erstwhile promoter and promoter group, i.e. the Sellers, do not hold any equity shares of the company and have ceased to be members of the promoter and promoter group with effect from the date of the share transfer, under Regulation 31A(10) of the Listing Regulations.

Why an open offer was involved

• The share purchase agreement dated August 31, 2026 triggered a mandatory open offer under Regulation 3(1) and Regulation 4 of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.
• The public announcement was dated August 31, 2026, the detailed public statement September 07, 2026 and the draft letter of offer September 15, 2026.

What the company says about the reclassification

• The intention of the Sellers to cease to be promoters and part of the promoter group was disclosed in the offer documents, including paragraph 2(c) of the public announcement, paragraph 4.9 of Section I and paragraph 4 of Section II of the detailed public statement, and paragraph 7 of Section A of Part II and paragraph 17 of Section B of Part II of the draft letter of offer.
• The company states that all requirements for the reclassification under Regulation 31A(10) are satisfied, including that the Sellers shall comply with clause (b) of sub-regulation (3) read with sub-regulation (4) of Regulation 31A, and that the company is in compliance with sub-clauses (c)(ii) and (c)(iii) of sub-regulation (3) of Regulation 31A.

What this means in simple terms

• Ownership of roughly three-fourths of the company's equity has changed hands in one transaction, and the identity of the promoter has changed.
• The new promoter is GRT Jewellers (India) Private Limited; the earlier promoter family and its entities are no longer part of the promoter group.
• The open offer process that runs alongside this transaction is referenced through the public announcement, detailed public statement and draft letter of offer.

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