Description

NSE announces listing of 3.68 billion equity shares of Tata Motors Limited on November 12, 2025, following NCLT-approved demerger of commercial vehicle business from Tata Motors Passenger Vehicles Limited.

Summary

NSE has approved the listing of equity shares of Tata Motors Limited (formerly known as TML Commercial Vehicles Limited) effective November 12, 2025, pursuant to a composite scheme of arrangement. The scheme involves the demerger of the Commercial Vehicle Business from Tata Motors Passenger Vehicles Limited (formerly Tata Motors Limited) and its vesting with the newly listed Tata Motors Limited. A total of 3,682,331,373 equity shares of Rs. 2/- each will be listed under the trading symbol ‘TMCV’. Shareholders of TMPVL will receive one fully paid-up equity share of TML for every one share held in TMPVL.

Key Points

  • Trading symbol: TMCV for Tata Motors Limited (demerged commercial vehicle entity)
  • Total shares to be listed: 3,682,331,373 equity shares of Rs. 2/- each
  • ISIN: INE1TAE01010
  • Initial trading series: BE (Trade for Trade), will shift to EQ series subsequently
  • Market lot size: 1 share
  • Share allocation ratio: 1:1 (one TMCV share for every one TMPVL share held)
  • Shares are pari passu with no lock-in restrictions
  • Securities will participate in pre-open session as per SEBI guidelines
  • Distinctive number range: 1 to 3,682,331,373

Regulatory Changes

The National Company Law Tribunal (NCLT) Mumbai Bench approved the composite scheme of arrangement on August 25, 2025 and September 10, 2025 under Sections 230-232 of the Companies Act, 2013. The scheme enables the demerger of the Commercial Vehicle Business as a going concern from TMPVL to TML, creating two separate listed entities for passenger vehicles and commercial vehicles respectively.

Compliance Requirements

  • Trading members must note the new security code TMCV effective November 12, 2025
  • Securities will initially trade in BE (Trade for Trade) series per SEBI circular SEBI/CIR/ISD/1/2010 dated September 2, 2010
  • Securities will later be shifted to EQ series as per regulatory guidelines
  • Members must identify securities only by designated codes for system trading
  • Trading must be conducted in specified lot sizes (market lot: 1 share)
  • Securities will participate in pre-open session as per SEBI circulars CIR/MRD/DP/01/2012 & CIR/MRD/DP/02/2012 dated January 20, 2012

Important Dates

  • NCLT Approval: August 25, 2025 and September 10, 2025
  • Circular Date: November 10, 2025
  • Listing Effective Date: November 12, 2025
  • Trading Commencement: November 12, 2025

Impact Assessment

Market Impact: This demerger represents a major corporate restructuring of India’s largest automobile manufacturer, splitting passenger and commercial vehicle businesses into separate listed entities. The listing of 3.68 billion shares will create significant trading volume and market capitalization changes.

Shareholder Impact: Existing TMPVL shareholders will receive proportionate shareholding in the demerged TML entity on a 1:1 basis, maintaining their economic interest across both entities. No dilution occurs as shares are issued in the same proportion.

Operational Impact: The demerger allows focused management and strategic direction for commercial vehicle operations. Separate listing provides operational independence, dedicated capital allocation, and distinct valuation metrics for the commercial vehicle business.

Trading Impact: Initial Trade-for-Trade (BE series) classification may limit liquidity temporarily until shift to EQ series. Market participants need to update systems for the new TMCV symbol and ISIN.

Corporate Information

Tata Motors Limited (Demerged Entity)

Registrar and Transfer Agent

Impact Justification

Major corporate restructuring involving demerger of Tata Motors' commercial vehicle business with listing of 3.68 billion shares. Significant impact on existing shareholders who receive 1:1 share allocation. Trading symbol TMCV introduced for demerged entity.