GRT Jewellers India (GRT) today announced signing of share purchase agreement (SPA) with the Promoters of listed jewellery retail company, Tribhovandas Bhimji Zaveri (well known as TBZ the Original) (TBZ), to acquire their stake of 74.12% in the company.

As per the SPA, GRT would acquire the Promoter's stake for an aggregate value of up to Rs. 1,033.71 crore. The consummation of the SPA will be subject to appropriate regulatory approvals and customary closing conditions. GRT will also be launching an open offer for another ~26% as per applicable SEBI regulations.