Description

NSE announces listing of Non-Convertible Debentures of Tata Motors Limited (formerly TML Commercial Vehicles Limited) on the debt market segment effective November 12, 2025, pursuant to a Scheme of Arrangement transferring securities from Tata Motors Passenger Vehicles Limited.

Summary

National Stock Exchange has admitted Non-Convertible Debentures of Tata Motors Limited (formerly known as TML Commercial Vehicles Limited) to trading on the debt market segment effective November 12, 2025. This listing follows a Scheme of Arrangement that transferred securities from Tata Motors Passenger Vehicles Limited (formerly Tata Motors Limited) to Tata Motors Limited (formerly TML Commercial Vehicles Limited). Five series of debentures with varying coupon rates and maturities have been listed.

Key Points

  • Five series of Non-Convertible Debentures admitted to NSE debt market segment
  • Effective listing date: November 12, 2025
  • Securities transferred pursuant to Scheme of Arrangement between Tata Motors entities
  • Total bonds across all series: 140,000 bonds
  • Combined face value: Approximately Rs. 1,650 crores
  • Coupon rates range from 6.60% to 8.50%
  • Maturities span from May 2026 to March 2028

Debenture Details

Series 1 (ISIN: INE1TAE08049)

  • Security Code: TMCV26
  • Coupon Rate: 8.50%
  • Face Value: Rs. 10,00,000
  • Number of Bonds: 2,500
  • Maturity Date: December 30, 2026
  • Description: TMCV 8.50% 2026 Sr E Tr I

Series 2 (ISIN: INE1TAE08056)

  • Security Code: TMCV27
  • Coupon Rate: 8.50%
  • Face Value: Rs. 10,00,000
  • Number of Bonds: 2,500
  • Maturity Date: January 29, 2027
  • Description: TMCV 8.50% 2027 Sr E Tr II

Series 3 (ISIN: INE1TAE08031)

  • Security Code: TMCV26
  • Coupon Rate: 6.60%
  • Face Value: Rs. 10,00,000
  • Number of Bonds: 5,000
  • Maturity Date: May 29, 2026
  • Description: TMCV 6.60% 2026 Sr E

Series 4 (ISIN: INE1TAE08015)

  • Security Code: TMCV27
  • Coupon Rate: 7.65%
  • Face Value: Rs. 1,00,000
  • Number of Bonds: 50,000
  • Maturity Date: March 26, 2027
  • Description: TMCV 7.65% 2027 Sr E Tr I

Series 5 (ISIN: INE1TAE08023)

  • Security Code: TMCV28
  • Coupon Rate: 7.65%
  • Face Value: Rs. 1,00,000
  • Number of Bonds: 80,000
  • Maturity Date: March 27, 2028
  • Description: TMCV 7.65% 2028 Sr E Tr III

Regulatory Framework

This listing is conducted in pursuance of Regulation 3.1.1 of the National Stock Exchange Debt Market (Trading) Regulations. The transfer of securities is part of a corporate restructuring involving the reorganization of Tata Motors Group entities.

Compliance Requirements

  • Members and market participants should note the designated security codes for trading purposes
  • Debenture holders should be aware of the entity name change and updated ISIN codes
  • Trading members must update their systems to reflect the new listings and security details

Important Dates

  • Circular Date: November 10, 2025
  • Effective Listing Date: November 12, 2025
  • Maturity Dates:
    • May 29, 2026 (Series 3)
    • December 30, 2026 (Series 1)
    • January 29, 2027 (Series 2)
    • March 26, 2027 (Series 4)
    • March 27, 2028 (Series 5)

Impact Assessment

Market Impact: The listing provides continuity for existing debenture holders following the corporate restructuring. The securities maintain their original terms and conditions, ensuring no disruption to debt investors.

Operational Impact: Trading members need to update their systems with the new security codes and ISIN numbers. The restructuring reflects the separation of commercial vehicles and passenger vehicles businesses within the Tata Motors Group.

Investor Impact: Debenture holders of the original Tata Motors Passenger Vehicles Limited will now hold securities issued by Tata Motors Limited (formerly TML Commercial Vehicles Limited). The credit profile and risk assessment may need re-evaluation based on the restructured entity’s standalone financials and business operations.

Impact Justification

Medium importance as it involves listing of existing debt securities through corporate restructuring rather than new issuances. Impact is medium as it affects debenture holders and involves a major corporate entity (Tata Motors) with substantial debt value (approximately Rs. 1,650 crores total face value).