Old Share Certificates of India’s Blue-Chip Companies
A certificate found in a cupboard or a bank locker is rarely worth what it says on its face. Bonus issues, splits and demergers have multiplied most long-held blue-chip holdings many times over. These pages set out what happened to each company’s shares, who its registrar is now, and how the shares are recovered.
Reviewed 16 September 2026
Why an old holding is usually bigger than the certificate says
- Bonus issues
- Free shares issued to existing holders. Asian Paints made six between 1985 and 2003, each one multiplying the holding again.
- Stock splits
- A ₹10 share split into ten ₹1 shares is ten times the count at a tenth of the price. ITC did it in 2005, Tata Steel in 2022.
- Demergers
- Shareholders receive shares in a company spun out of the original, such as Jio Financial Services from Reliance in 2023.
- Mergers and name changes
- A certificate in a name you cannot find on the exchange is often a live holding in the company that absorbed or renamed it.
- Unclaimed dividends
- Dividends unclaimed for seven years move to the IEPF, and the shares follow. They can be claimed back.
Only the company’s registrar can confirm what a particular folio holds today. The figures on these pages come from company and registrar sources, and where a company’s history has not been verified, the page says so rather than guessing.
Company guides
Holding shares of these companies that went to the IEPF? Claiming Reliance, ITC and Tata shares from IEPF
Where to start, by situation
- The shares are in your name and you have the certificates
Update KYC on the folio if needed, then dematerialise them so they can be sold.
- The shareholder has died
The nominee, surviving joint holder or legal heirs claim through transmission.
- You bought the shares on paper before April 2019
SEBI's special window, open until 4 February 2027, lets you complete the transfer.
- The certificates are lost or damaged
The registered holder or heirs apply for duplicates, credited to demat.
- The shares or dividends were transferred to IEPF
Claim them back from the IEPF Authority with Form IEPF-5.
- The certificate is in an old or merged company name
The holding may now sit with a renamed or successor company.
Common questions
Can I still sell shares from an old physical certificate?
Not directly. Shares of listed companies can be sold on the exchange only in demat form, so the certificates have to be dematerialised first. If the shareholder has died, transmission comes first; if the shares were transferred to IEPF, they have to be claimed back.
How do I find out what an old certificate is worth?
Take the folio number from the certificate and ask the company's registrar for the current holding, which includes bonus shares and splits. Multiply by today's share price, and check separately for unclaimed dividends and for shares transferred to IEPF.
The company on the certificate doesn't exist any more. Is it worthless?
Not necessarily. Many companies were renamed or merged into others, and the shares carried over. TISCO became Tata Steel, Hindustan Lever became Hindustan Unilever, and HDFC Ltd merged into HDFC Bank.
Do you charge to value old shares?
No. The first assessment is free. If you go ahead, there is no advance professional fee; an agreed percentage is charged after the shares are credited. Government and third-party costs such as stamp duty, notary charges and court fees are paid at actuals.
Free valuation of old shares
Send us the company name and folio number from the certificate. We work out what the holding is worth today, after bonuses, splits and mergers.