In an exchange filing on Monday after market closing, the company said that the demerged Commercial Vehicles business has received approval from the exchanges, BSE & NSE, for listing of its equity shares, which will take place on Wednesday, November 12.
Tata Motors Passenger Vehicles had listed on the stock exchanges on October 14 after a special pre-open price discovery session. This took place after the demerger of the PV and CV businesses of the company. Shareholders will be receiving one share of the demerged CV business for every one share they held of the consolidated entity as of the record date.
The stock listed at ₹400 per share, leaving the residual value for the demerged entity to be around ₹260.75 per share as the pre-demerger closing price was ₹660.75.
Additionally, Tata Motors Passenger Vehicles has also informed the exchanges that it will be considering results for the ongoing September quarter on Friday, November 14. This will be the first quarterly result report from the company after the demerger was completed.
Shares of Tata Motors Passenger Vehicles Ltd. continue to trade around their discovered price. The stock ended 1.2% higher on Monday at ₹410.7. Close to 80 lakh shares of the PV business were traded on Monday, as per data on the NSE.
