Description
BSE notifies trading members of partial redemption of nine Pass Through Certificates (PTCs) across multiple Vajra Trust series, with revised reduced face values effective February 25, 2026.
Summary
BSE Notice No. 20260224-14 informs trading members that Axis Trustee Services Limited has communicated reduced face values on partial redemption of nine Pass Through Certificates (PTCs) issued under various Vajra Trust series. The PTCs will trade at the revised reduced face values with effect from February 25, 2026.
Key Points
- Nine Vajra Trust PTC series are undergoing partial redemption simultaneously
- Axis Trustee Services Limited is the trustee communicating the reduced face values
- All PTCs trade on the Debt Market Segment of BSE
- Trading members are required to note the revised face values for trading purposes
- Reference notice: DR-828/2025-2026
Regulatory Changes
No new regulatory framework introduced. This is a standard corporate action (partial redemption) under existing debt market regulations. The reduced face values replace previous face values for the listed PTCs from February 25, 2026 onwards.
Compliance Requirements
- Trading members must update their systems to reflect the reduced face values for all nine PTC scrips effective February 25, 2026
- Members must ensure trades are executed at the revised reduced face values post the effective date
Important Dates
- Circular Date: February 24, 2026
- Effective Date for Reduced Face Values: February 25, 2026
Impact Assessment
| Scrip Code | Company / Series | ISIN | Reduced Face Value (Rs.) |
|---|---|---|---|
| 975785 | VAJRA010 – VAJRA010-9.50%-20-06-28-PTC | INE0YD715011 | 45,29,239.54 |
| 975786 | VAJRA009 – VAJRA009-9.25%-20-11-26-PTC | INE0YD015016 | 6,91,244.92 |
| 975577 | VAJRA007 – V07T-9.75%-20-7-30-PTC | INE0UQJ15015 | 23,22,488.76 |
| 975578 | VAJRA008 – V08T-9.75%-20-2-27-PTC | INE0UQO15015 | 19,46,169.92 |
| 975906 | VAJRA012 – VAJRA 12-9.25%-20-10-28-PTC | INE10VT15014 | 15,76,125.66 |
| 975907 | VAJRA012 – VAJRA-9.25%-20-1-31-PTC | INE10VT15022 | 85,96,020.94 |
| 975901 | VAJRA011 – VJRA011-9.25%-20-9-27-PTC | INE116015012 | 35,57,258.96 |
| 976744 | VAJRA015 – VT-9.25%-20-5-27-PTC | INE20NI15021 | 91,83,158.79 |
| 976719 | VAJRA016 – VJ016T-9.25%-20-6-34-PTC | INE1ZSF15016 | 1,05,28,110.74 |
Impact is limited to participants holding or trading these nine specific Vajra Trust PTC instruments in the BSE debt market segment. The partial redemptions reduce the outstanding principal per PTC, reflecting scheduled cash flows typical of asset-backed pass-through structures.
Impact Justification
Routine corporate action affecting nine specific debt instruments (PTCs) in the Vajra Trust series. Impacts only holders and traders of these specific scrip codes; no broad market regulatory change involved.