DVRs In Indian Context

1. Voting Rights . Lesser Voting rights 
1. Tata Motors    -  DVRs has 1/10 of voting rights of regular share 
2. Jain Irrigation -  DVRs has 1/10 of voting rights of regular share 
2. Dividend -  Might be more for DVR shares 
1. TataMotors - 5% extra for DVR 
2. Jain Irrigation - Same level of dividend 
3. Market Price 
1. TataMotors - DVR discounted between 20% to 45% historically . Refer to Picture 1 
2. Jain Irrigation - DVR discounted between  25% to 45% historically Refer to Picture 2
3. Internationally discount is around 10%. Needs to be substantiated  .
4. Dividend Yield 
1. Due to #2 and #3 , dividend yield for DVR shares is substantial higher . 
2. Tata Motors    :  40% - 136% more yield for DVR 
3. Jain Irrigation : 34%  - 103% more yield for DVR

    Picture1




  Picture 2