Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Highly experienced ex-Delta One trader with 17 years of experience trading arbitrage and related strategies across Asian markets.

Exempt Financial Adviser (EFA) under CrossASEAN Research Pte Ltd.

It is important to note that the information provided by Periscope Analytics is based on publicly available data and own knowledge, which has been gathered and synthesized from a variety of sources. While every effort has been made to ensure the accuracy and completeness of the information provided, it is not guaranteed to be free from errors or omissions.

All forecasts and estimates are based on information that has been obtained from public sources that are considered to be reliable. The sources include, but are not limited to, company announcements, exchange filings, ETF and other passive investment vehicle holdings, and free float and volume data from third-party data providers. Periscope Analytics does not guarantee the accuracy and completeness of the forecasts, estimates and/or other information.

Pan-Asia Index Rebalances/ Events/ Delta One

Event-Driven

<p>The <a href="https://www.smartkarma.com/entities/tata-motors-ltd-a-dvr" target="_blank" rel="noopener" data-smartkarma-citation="entities:349:1">Tata Motors Ltd A Dvr (TTMT/A IN)</a> Differential Voting Rights (DVR) are trading at a huge discount of around 54% to the <a href="https://www.smartkarma.com/entities/tata-motors-ltd" target="_blank" rel="noopener" data-smartkarma-citation="entities:216:1">Tata Motors Ltd (TTMT IN)</a> ordinary shares<a href="https://www.smartkarma.com/entities/tata-motors-ltd-a-dvr" target="_blank" rel="noopener" data-smartkarma-citation="entities:349:1"></a>. The premium on the <a href="https://www.smartkarma.com/entities/tata-motors-ltd-spon-adr" target="_blank" rel="noopener" data-smartkarma-citation="entities:12763:1">Tata Motors Ltd Spon Adr (TTM US)</a> is also beginning to perk up.</p><p>In this Insight, we look at how the DVR (Differential Voting Rights) differs from the Ordinary shares, the historical discount on the DVR and compare it to the discount on a couple of other DVRs listed in India, the movement of the ADR vs the local stock, changes in the shareholding pattern of the Ordinary shares and the DVR, and list out catalysts that could narrow the discount on the DVR line.</p>

The Tata Motors Ltd A Dvr (TTMT/A IN) Differential Voting Rights (DVR) are trading at a huge discount of around 54% to the Tata Motors Ltd (TTMT IN) ordinary shares. The premium on the Tata Motors Ltd Spon Adr (TTM US) is also beginning to perk up.In this Insight, we look at how the DVR (Differential Voting Rights) differs from the Ordinary shares, the historical discount on the DVR and compare it to the discount on a couple of other DVRs listed in India, the movement of the ADR vs the local stock, changes in the shareholding pattern of the Ordinary shares and the DVR, and list out catalysts that could narrow the discount on the DVR line.

Tata Motors - DVR Deep Discount Vs ADR Small Premium

Tata Motors DVR

Tata Motors - DVR Deep Discount Vs ADR Small Premium