Tata Motors Demerger: TMLCV Shares Credited but Not Yet Tradable — Listing Expected by Late November

Tata Motors Demerger: TMLCV Shares Credited but Await Listing Approval

Tata Motors has officially completed the long-awaited demerger of its passenger and commercial vehicle divisions, forming two independent entities — Tata Motors Passenger Vehicles Ltd (TMPV) and Tata Motors Commercial Vehicles Ltd (TMLCV).

The restructuring took effect on October 1, 2025, with October 14, 2025 set as the record date. Under the approved demerger scheme, shareholders received TMLCV shares in a 1:1 ratio, meaning every Tata Motors shareholder now holds an equal number of shares in both entities.

Why Investors Can’t Trade TMLCV Shares Yet

Although the TMLCV shares have been credited to demat accounts, they currently remain frozen. Tata Motors clarified that these shares will only become tradable after receiving listing and trading approvals from the BSE and NSE.

According to the company’s regulatory filing on October 9,

“During the period from the date of allotment of shares by TMLCV up to the date of listing on BSE and NSE, the shares shall not be available for trading. The process of obtaining listing and trading permission generally takes 45–60 days from the date of filing necessary applications.”

This means investors can see the shares in their accounts but cannot sell or transfer them until the exchanges complete the approval process.

When Will TMLCV Shares Start Trading?

The typical timeline for listing post-demerger is 45–60 days from the submission of the listing application. Based on this, investors can expect TMLCV shares to be tradable by late November 2025, depending on regulatory clearance and exchange confirmations.

Once approvals are granted, the company will issue an official communication announcing the exact listing date.

What the Demerger Means for Investors

The new Tata Motors Commercial Vehicles Ltd (TMLCV) will oversee the company’s commercial vehicle operations and related investments, including its stake in Tata Capital.

Analysts say the move unlocks value by separating the B2B commercial vehicle business from the consumer-focused passenger vehicle unit, allowing sharper strategic focus and independent growth paths.

TMLCV’s Estimated Listing Price

According to Prashanth Tapse, Senior Vice President at Mehta Equities Ltd,

“The commercial vehicle segment is cyclical but holds strong potential tied to India’s economic and infrastructure growth. Tata Motors commands a 37% market share domestically and has an international footprint through Iveco Group.”

Tapse estimates TMLCV’s standalone valuation around ₹400 per share, while SBI Securities projects the stock to trade between ₹320 and ₹470 once listed.

The brokerage expects a rebound in India’s commercial vehicle industry in FY26, driven by GST rate cuts (28% → 18%), replacement demand, and infrastructure spending.

TMPV Valuation Snapshot

During the special pre-open session held on October 14, the TMPV stock (Passenger Vehicle division) was valued around ₹400 per share, reflecting steady investor confidence in Tata Motors’ consumer-focused car and EV portfolio.

What’s Next for Shareholders

Until listing approvals are completed, TMLCV shares will stay visible but locked in demat accounts. Once approvals from BSE and NSE arrive, trading will commence automatically, and investors will receive official notifications through their brokers or Tata Motors’ investor desk.

✅ Key Takeaways

• Tata Motors demerger effective October 1 | Record date October 14 2025
• 1:1 share ratio — every shareholder gets equal TMPV and TMLCV shares
• TMLCV shares frozen until listing approvals from BSE/NSE
• Trading expected by late November 2025
• Estimated TMLCV valuation: ₹320–₹470 per share