HSBC picks up 9.16 per cent stake in TBZ for Rs 73 cr through IPO

HSBC Global Investment Funds has acquired 9.16 per cent stake in Tribhovandas Bhimji Zaveri's (TBZ) for Rs 73.34 crore through public issue of the jewellery retailer.

In a filing to the BSE, TBZ informed that HSBC has acquired 61,12,167 shares (9.16 per cent) through Initial Public Offer (IPO) at Rs 120 per share.

TBZ had hit the capital market with about Rs 200 crore IPO last month. The maiden public issue was over subscribed 1.14 times.

The company had fixed the price band at Rs 120-126 per share for its IPO. The issue size was 1.66 crore equity shares of Rs 10 each (including anchor portion of 24.99 lakh equity shares).