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Deven Choksey Report
Key Takeaways:
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Tata Motors Ltd.'s DVR” or “A” shares will be converted into ordinary shares and will stop trading from Sep 02, 2024.
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Tata Motors has set the conversion ratio at 10:7, the conversion will lead to a reduction in share capital by 4%.
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The transaction is in the nature of “Reduction of Capital” and hence will be considered in Deemed Dividend to the extent of reserves of Tata Motors (Standalone) are available leading to Rs 200/share deemed dividend taxability, with reserves of TML standalone at 10,033 crores on June 30, 2024.
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Deemed Dividend will attract a TDS @ 10% for Resident Individual and Corporates and at 20% for FIIs & FPIs. However, Mutual Funds, AIFs & Insurance companies are exempt from TDS.
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Tata Motors DVR Shares To Be Suspended From Trading From Friday
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