Description

BSE notifies partial redemption of Pass Through Certificates (PTCs) for 10 Vajra Trust series with revised reduced face values effective November 27, 2025.

Summary

Axis Trustee Services Limited has informed BSE about the partial redemption of Pass Through Certificates (PTCs) for 10 different Vajra Trust series. The redemption results in reduced face values for each series, with the new values becoming effective for trading from November 27, 2025. The face value reductions range from Rs. 1,783,259.05 to Rs. 12,038,408.18 per PTC depending on the series.

Key Points

  • 10 Vajra Trust PTC series undergoing partial redemption
  • Reduced face values range from Rs. 1.78 million to Rs. 12.04 million per PTC
  • All affected PTCs have coupon rates between 9.25% and 9.75%
  • Maturity dates span from 2026 to 2034
  • Circular reference number: DR-765/2025-2026
  • Issued by Axis Trustee Services Limited

Regulatory Changes

No regulatory changes. This is a standard corporate action notification for partial redemption of debt securities.

Compliance Requirements

  • Trading members must note the revised reduced face values for all 10 PTC series
  • PTCs must be traded at the new reduced face values starting November 27, 2025
  • Members are required to update their systems to reflect the new face values

Important Dates

  • Notice Date: November 26, 2025
  • Effective Date for Trading: November 27, 2025

Impact Assessment

Market Impact: Medium - affects holders of 10 Vajra Trust PTC series. The partial redemption reduces the outstanding principal amount of these instruments.

Operational Impact: Trading members holding or dealing in these PTCs need to update their records and trading systems to reflect the new reduced face values. The redemption provides partial liquidity to PTC holders while maintaining the securities for continued trading at reduced values.

Affected PTC Series Details

  1. VAJRA 010 TRUST (INE0YD715011/975785) - 9.50%, Maturity: 20-06-28 - New Face Value: Rs. 5,309,484.19
  2. VAJRA 009 TRUST (INE0YD015016/975786) - 9.25%, Maturity: 20-11-26 - New Face Value: Rs. 1,967,587.69
  3. VAJRA 007 TRUST (INE0UQJ15015/975577) - 9.75%, Maturity: 20-7-30 - New Face Value: Rs. 3,268,195.02
  4. Vajra 008 Trust (INE0UQO15015/975578) - 9.75%, Maturity: 20-2-27 - New Face Value: Rs. 2,912,282.86
  5. Vajra 012 Trust (INE10VT15014/975906) - 9.25%, Maturity: 20-10-28 - New Face Value: Rs. 3,143,655.18
  6. Vajra 012 Trust (INE10VT15022/975907) - 9.25%, Maturity: 20-1-31 - New Face Value: Rs. 8,857,275.86
  7. Vajra 011 Trust (INE116015012/975901) - 9.25%, Maturity: 20-9-27 - New Face Value: Rs. 4,549,259.96
  8. Vajra 014 Trust (INE1EJ815016/976276) - 9.25%, Maturity: 20-7-26 - New Face Value: Rs. 1,783,259.05
  9. Vajra 015 Trust (INE20NI15013/976743) - 9.25%, Maturity: 20-10-26 - New Face Value: Rs. 2,546,482.86
  10. Vajra 016 Trust (INE1ZSF15016/976719) - 9.25%, Maturity: 20-6-34 - New Face Value: Rs. 12,038,408.18

Impact Justification

Standard partial redemption affecting multiple PTC series of Vajra Trust, impacting debt market participants holding these instruments