Overview

• Shareholders will receive a 1:1 entitlement, getting one share of the new commercial-vehicle company for each Tata Motors share held on the record date.
• The record date is expected in mid-October, with the commercial-vehicle entity aiming to list separately in November subject to final approvals.
• Post demerger, the passenger-vehicle business (including EVs and JLR) remains the listed parent to be renamed Tata Motors Passenger Vehicles Ltd., while the CV unit is slated to debut as Tata Motors Ltd.
• Leadership realignment takes effect with Shailesh Chandra as MD and CEO of Tata Motors, Dhiman Gupta as CFO, Girish Wagh leading the CV company, and P. B. Balaji set to become JLR CEO subject to shareholder approval.
• JLR has begun a phased IT restart after the Aug. 31 cyberattack and plans a gradual production resumption in October, supported by a UK loan guarantee of up to £1.5 billion, while brokerages turn cautious with Jefferies assigning an Underperform rating and a Rs 575 target.