The listing completes a landmark restructuring that split Tata Motors into two independent listed companies, one focused on commercial vehicles and the other on passenger vehicles, electric vehicles (EVs), and Jaguar Land Rover (JLR).
The demerger took effect on October 1, with a 1:1 share entitlement ratio, meaning investors received one share in the CV business for every Tata Motors share held as of the record date, October 14.
Under the approved scheme of arrangement, the CV business retains the Tata Motors name, while the newly formed Tata Motors Passenger Vehicles Ltd (TMPV) will house the domestic car, EV, and JLR divisions.
Analysts see the separation as a major value-unlocking and governance milestone for the Tata Group’s flagship automaker. The move is part of Tata Motors plan to grant operational independence to both divisions, allowing each to pursue distinct growth priorities.
The PV arm will now focus on premium and electric mobility, while the CV entity — spanning trucks, buses, and defense vehicles — will drive growth in logistics, infrastructure, and fleet electrification.Following the record date adjustment, Tata Motors pre-demerger stock price of Rs 660.75 was split between the two entities, with TMPV valued around Rs 400 per share and the yet-to-list CV arm implied at Rs 260-270 per share.Brokerages remain largely positive on the CV listing. Nomura has pegged fair values for TMPV and TMLCV at Rs 367 and Rs 365 respectively, while SBI Securities sees the CV arm’s value between Rs 320-470 per share, factoring in growth from the planned acquisition of Italy’s Iveco Group’s commercial vehicle operations.
For Tata Motors, the move marks the culmination of a multi-year restructuring to simplify its business architecture and align its legacy commercial division with a global product and technology roadmap.
