Description
NSE announces listing of two series of non-convertible debentures of Tata Motors Limited (formerly TML Commercial Vehicles Limited) effective November 12, 2025, pursuant to scheme of arrangement.
Summary
The National Stock Exchange has notified the listing of Non-Convertible Debentures (NCDs) of Tata Motors Limited (formerly known as TML Commercial Vehicles Limited) on the capital market segment. This listing is pursuant to a Scheme of Arrangement involving the transfer of securities from Tata Motors Passenger Vehicles Limited (formerly Tata Motors Limited) to Tata Motors Limited (formerly TML Commercial Vehicles Limited). The listing becomes effective from November 12, 2025.
Key Points
- Two series of NCDs will be listed: TMCV 7.65% 2027 Sr E Tr I and TMCV 7.65% 2028 Sr E Tr III
- Listing is pursuant to a corporate restructuring through Scheme of Arrangement
- Trading symbol for both securities: TMCV (with different series codes)
- Market lot size: 1 for both securities
- Total securities: 50,000 units (2027 series) and 80,000 units (2028 series)
- Trading to be conducted using designated security codes only
Regulatory Changes
No new regulatory changes introduced. This circular implements existing regulations under Regulation 2.5.5 of the National Stock Exchange (Capital Market) Trading Regulations Part A regarding listing of securities pursuant to corporate restructuring.
Compliance Requirements
- Trading members must use designated security codes for trading these NCDs
- Trading must be conducted in specified lot sizes (1 unit per lot for both securities)
- Securities identified by ISIN codes: INE1TAE08015 (2027 series) and INE1TAE08023 (2028 series)
Important Dates
- Circular Date: November 10, 2025
- Effective Date: November 12, 2025
- Maturity Date (Series 1): 2027
- Maturity Date (Series 2): 2028
Impact Assessment
Market Impact: Medium - This listing facilitates continued trading of debt securities following corporate restructuring of Tata Motors group entities. The transfer of NCDs from Tata Motors Passenger Vehicles Limited to Tata Motors Limited ensures continuity for debenture holders.
Investor Impact: Existing NCD holders will see their securities transferred to the restructured entity with no change in terms (7.65% coupon rate maintained). Trading will continue seamlessly under new entity structure.
Operational Impact: Trading members need to update their systems to recognize new security codes and symbols (TMCV) for these debentures effective November 12, 2025.
Securities Details
| Security Description | Symbol | Series | Units | ISIN | Lot Size |
|---|---|---|---|---|---|
| TMCV 7.65% 2027 Sr E Tr I | 765TMCV27 | N0 | 50,000 | INE1TAE08015 | 1 |
| TMCV 7.65% 2028 Sr E Tr III | 765TMCV28 | N0 | 80,000 | INE1TAE08023 | 1 |
Impact Justification
Routine listing of debt securities pursuant to corporate restructuring. Medium impact due to involvement of major corporate entity Tata Motors and debt security holders.