Description
Transfer of three series of Tata Motors Ltd Non-Convertible Debentures to TML Commercial Vehicles Ltd with record date of October 10, 2025 as per NCLT-approved demerger scheme.
Summary
BSE has issued a notice regarding the suspension for transfer of three series of Non-Convertible Debentures (NCDs) of Tata Motors Ltd to TML Commercial Vehicles Ltd. The record date has been fixed as October 10, 2025 to determine eligible debenture holders for this transfer, which is being executed as per the Composite Scheme of Arrangement (Amalgamation) approved by NCLT, Mumbai.
Key Points
- Three NCD series of Tata Motors Ltd are being transferred to TML Commercial Vehicles Ltd
- Transfer is part of NCLT-approved Composite Scheme of Arrangement for Amalgamation
- Record date fixed: October 10, 2025
- Affected NCDs: TML-8.50%-30-12-26-PVT (ISIN: INE155A08407, Code: 959315), TML8.50%-29-1-27-PVT (ISIN: INE155A08415, Code: 959316), and TML-6.6%-29-5-26-PVT (ISIN: INE155A08423, Code: 973237)
- Trading members notified to take note of the transfer
Regulatory Changes
No new regulatory changes introduced. This notice implements an existing NCLT-approved demerger scheme affecting debt securities.
Compliance Requirements
- Trading members must note the suspension for transfer of the identified NCDs
- Debenture holders as of record date (October 10, 2025) will be eligible for the transfer
- No action required from trading members beyond awareness of the corporate action
Important Dates
- Notice Date: October 6, 2025
- Record Date: October 10, 2025 - Date for determining eligible debenture holders for transfer to TML Commercial Vehicles Ltd
Impact Assessment
Market Impact: High - This affects three separate NCD series with different maturity dates (2026-2027) being transferred as part of Tata Motors’ major corporate restructuring. Debenture holders will see their securities transferred from Tata Motors Ltd to the newly formed TML Commercial Vehicles Ltd entity.
Operational Impact: High - Trading members and debenture holders need to track the change in issuer entity for these NCDs. Credit profiles, ratings, and issuer obligations will now be associated with TML Commercial Vehicles Ltd instead of Tata Motors Ltd.
Stakeholder Impact: Significant for NCD holders who must understand that their debentures will be obligations of TML Commercial Vehicles Ltd post-demerger, potentially affecting credit assessment and portfolio management decisions.
Impact Justification
High impact debenture transfer affecting three NCD series totaling significant debt securities as part of major corporate restructuring of Tata Motors demerger