Description

Axis Trustee Services Limited announces partial redemption and reduced face values for Pass Through Certificates (PTCs) of Vajra Trust and LeaseX Valerian Jan 25, effective December 5, 2025.

Summary

Axis Trustee Services Limited has informed BSE about the partial redemption of Pass Through Certificates (PTCs) issued by Vajra Trust (10 series) and LeaseX Valerian Jan 25 (1 series). The redemption results in reduced face values for 11 different PTC series, effective from December 5, 2025. Trading members are advised that these PTCs will trade at the new reduced face values.

Key Points

  • Partial redemption affects 11 PTC series from Vajra Trust and LeaseX Valerian Jan 25
  • Reduced face values range from Rs. 51,425 to Rs. 1,15,17,666.40 per PTC depending on the series
  • Vajra Trust has 10 PTC series affected with varying maturity dates from 2026 to 2034
  • LeaseX Valerian Jan 25 has 1 PTC series affected (14.68% coupon, maturing December 2026)
  • Changes are effective from December 5, 2025
  • Circular reference: DR-791/2025-2026

Regulatory Changes

No regulatory changes introduced. This is a corporate action notification regarding partial redemption of debt securities.

Compliance Requirements

  • Trading members must take note of the reduced face values for the affected PTCs
  • All trading in these securities must reflect the new reduced face values from December 5, 2025 onwards
  • Members should update their systems to reflect the new face values for proper trade execution and settlement

Important Dates

  • Notice Date: January 2, 2026
  • Effective Date for Reduced Face Value Trading: December 5, 2025
  • Maturity Dates (Vajra Trust PTCs): Range from June 2026 to June 2034
  • Maturity Date (LeaseX Valerian): December 2026

Impact Assessment

Market Impact: Medium - affects debt market participants holding these specific PTC series. The partial redemption reduces the outstanding face value of these instruments, potentially impacting liquidity and trading volumes.

Investor Impact: PTC holders receive partial redemption proceeds while continuing to hold reduced face value certificates. Future interest payments and final redemption amounts will be calculated based on the new reduced face values.

Operational Impact: Trading members must update their systems and records to reflect the new face values to ensure accurate trade processing and settlement for these 11 PTC series.

Impact Justification

Routine corporate action affecting debt securities; impacts PTC holders with reduced face values but limited broader market impact