Description

Notification of reduced face values for 11 Pass Through Certificates (PTCs) following partial redemption by Vajra Trust and LeaseX Valerian Jan 25, effective December 5, 2025.

Summary

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

Key Points

  • 11 Pass Through Certificates (PTCs) have undergone partial redemption
  • 10 PTCs belong to various Vajra Trust series (007, 008, 009, 010, 011, 012, 014, 015, 016)
  • 1 PTC belongs to LeaseX Valerian Jan 25
  • Reduced face values range from Rs. 51,425 to Rs. 1,15,17,666.40 per PTC
  • Trading at reduced face values is effective from December 5, 2025
  • Axis Trustee Services Limited is the trustee managing these PTCs

Regulatory Changes

No regulatory changes. This is a corporate action notification for existing debt securities.

Compliance Requirements

  • Trading members must note the reduced face values for the affected PTCs
  • All trading in these PTCs must reflect the new reduced face values from December 5, 2025 onwards
  • Trading members should update their systems to reflect the correct face values

Important Dates

  • Notice Date: January 2, 2026
  • Effective Date for Reduced Face Value Trading: December 5, 2025
  • Circular Reference: DR-791/2025-2026

Impact Assessment

Market Impact: Low - This is a routine corporate action affecting specific debt instruments. The partial redemption affects only holders of these particular PTCs.

Operational Impact: Low - Trading members need to update face values in their systems, but this is a standard operational procedure for partial redemptions.

Investor Impact: Moderate for PTC holders - Investors holding these PTCs will receive partial redemption proceeds, and the remaining investment will have a reduced face value. The maturity dates of the PTCs remain unchanged, ranging from 2026 to 2034.

Detailed PTC Information

Vajra Trust PTCs (10 securities)

  1. VAJRA 010 TRUST (INE0YD715011/975785) - 9.50% maturing 20-06-28: Rs. 50,33,730.22 per PTC
  2. VAJRA 009 TRUST (INE0YD015016/975786) - 9.25% maturing 20-11-26: Rs. 15,14,575.41 per PTC
  3. VAJRA 007 TRUST (INE0UQJ15015/975577) - 9.75% maturing 20-7-30: Rs. 29,66,009.75 per PTC
  4. Vajra 008 Trust (INE0UQO15015/975578) - 9.75% maturing 20-2-27: Rs. 25,92,654.63 per PTC
  5. Vajra 012 Trust (INE10VT15014/975906) - 9.25% maturing 20-10-28: Rs. 25,85,997.46 per PTC
  6. Vajra 012 Trust (INE10VT15022/975907) - 9.25% maturing 20-1-31: Rs. 87,64,332.91 per PTC
  7. Vajra 011 Trust (INE116015012/975901) - 9.25% maturing 20-9-27: Rs. 42,20,856.43 per PTC
  8. Vajra 014 Trust (INE1EJ815016/976276) - 9.25% maturing 20-7-26: Rs. 9,86,074.11 per PTC
  9. Vajra 015 Trust (INE20NI15013/976743) - 9.25% maturing 20-10-26: Rs. 13,56,054.31 per PTC
  10. Vajra 016 Trust (INE1ZSF15016/976719) - 9.25% maturing 20-6-34: Rs. 1,15,17,666.40 per PTC

LeaseX Valerian Jan 25 PTC (1 security)

  1. LeaseX Valerian Jan 25 (INE1JMM15019/976362) - 14.68% maturing 22-12-26: Rs. 51,425 per PTC

Impact Justification

Routine corporate action affecting debt securities (PTCs) with reduced face values following partial redemption. Limited market-wide impact as it affects specific debt instruments only.