Tata Motors Commercial Vehicles shares will list on the Indian stock exchanges on November 12, according to a notice on the BSE. The new entity will trade in the ‘T’ Group of Securities.
The listing of equity shares of Tata Motors Commercial Vehicle business comes after the Tata Motors demerger was completed and the company was split into two independent listed entities.
Tata Motors demerger took effect from October 1. As per the share entitlement ratio of 1:1, investors received one share in the Commercial Vehicle business for every Tata Motors share held as of the record date. Tata Motors demerger record date was October 14.
As per the BSE notice, over 368 crore equity shares of face value ₹2 each will be admitted to trading under the ticker TMCVL. The stock will remain in the trade-for-trade segment for the first 10 sessions.
Tata Motors Commercial Vehicles shares will list on both the stock exchanges, BSE and NSE.
Tata Motors Commercial Vehicles has been renamed Tata Motors. It will focus on commercial vehicles, while the newly formed and already listed Tata Motors Passenger Vehicle will house the passenger vehicles, electric vehicles (EVs), and Jaguar Land Rover (JLR) business.
Tata Motors Passenger Vehicles Ltd has already started trading as a separate entity from October 14. After the record date adjustment, TMPV was valued around ₹400 per share, while the implied value of the CV arm was at ₹260-270 per share.
On Monday, Tata Motors Passenger Vehicle shares ended 1.22% higher at ₹410.60 apiece on the BSE.
