Description
BSE notifies trading members of partial redemption of Pass Through Certificates (PTCs) across nine Vajra Trust series, with revised reduced face values effective February 25, 2026, as informed by Axis Trustee Services Limited.
Summary
BSE has notified trading members that Axis Trustee Services Limited has communicated reduced face values following partial redemption of Pass Through Certificates (PTCs) across nine Vajra Trust series. The revised reduced face values are effective from February 25, 2026 (reference: DR-828/2025-2026).
Key Points
- Nine Vajra Trust PTC series are subject to partial redemption with revised reduced face values
- Axis Trustee Services Limited is the trustee communicating the redemption details
- All affected PTCs will trade at the new reduced face values from February 25, 2026
- The PTCs span interest rates of 9.25%, 9.50%, and 9.75% with maturities ranging from 2026 to 2034
- Circular reference number: DR-828/2025-2026
Regulatory Changes
No new regulatory framework is introduced. This circular operationalises partial redemption under existing debt market regulations, resulting in reduced face values for the listed PTCs as required to be notified to trading members.
Compliance Requirements
- Trading members must note the revised reduced face values for all nine Vajra Trust PTC series
- All trades in the affected PTCs must reflect the new reduced face values effective February 25, 2026
- Members dealing in these instruments should update their systems accordingly
Important Dates
- Circular Date: February 24, 2026
- Effective Date for Reduced Face Values: February 25, 2026
Impact Assessment
| Scrip Code | PTC Name | ISIN | Reduced Face Value (Rs.) |
|---|---|---|---|
| 975785 | VAJRA010-9.50%-20-06-28-PTC | INE0YD715011 | 45,29,239.54 per PTC |
| 975786 | VAJRA009-9.25%-20-11-26-PTC | INE0YD015016 | 6,91,244.92 per PTC |
| 975577 | V07T-9.75%-20-7-30-PTC | INE0UQJ15015 | 23,22,488.76 per PTC |
| 975578 | V08T-9.75%-20-2-27-PTC | INE0UQO15015 | 19,46,169.92 per PTC |
| 975906 | VAJRA 12-9.25%-20-10-28-PTC | INE10VT15014 | 15,76,125.66 per PTC |
| 975907 | VAJRA-9.25%-20-1-31-PTC | INE10VT15022 | 85,96,020.94 per PTC |
| 975901 | VJRA011-9.25%-20-9-27-PTC | INE116015012 | 35,57,258.96 per PTC |
| 976744 | VT-9.25%-20-5-27-PTC | INE20NI15021 | 91,83,158.79 per PTC |
| 976719 | VJ016T-9.25%-20-6-34-PTC | INE1ZSF15016 | 1,05,28,110.74 per PTC |
Impact is limited to holders of these specific debt instruments. The partial redemption reduces outstanding principal, lowering per-unit face values across all nine series. Trading members must ensure pricing and settlement systems reflect the updated face values from the effective date. Note: the circular text references “February 25, 2025” which appears to be a typographical error; the correct effective year based on the circular date is 2026.
Impact Justification
Affects holders of nine specific Vajra Trust PTC series in the debt segment with significant per-unit face value reductions; operationally important for trading members dealing in these instruments but limited to a defined set of debt securities.