Description

BSE announces adjustments to BPCL derivatives contracts due to interim dividend of Rs. 7.50 per share with ex-date November 7, 2025.

Summary

BSE announces mandatory adjustments to all Futures and Options contracts for Bharat Petroleum Corporation Ltd (BPCL, Scrip Code: 500547) effective November 7, 2025, due to interim dividend payment of Rs. 7.50 per equity share. Adjustments will be implemented on November 6, 2025 (adjustment date) with ex-date being November 7, 2025. The record date for dividend entitlement is November 7, 2025.

Key Points

  • Interim dividend declared at Rs. 7.50 per equity share for FY 2025-26
  • Record date: November 7, 2025
  • Ex-date: November 7, 2025
  • Adjustment date: November 6, 2025
  • All existing F&O contracts on BPCL will be adjusted
  • Options: Rs. 7.50 deducted from all strike prices
  • Futures: Adjusted price = reference rate minus Rs. 7.50
  • Reference rate for futures is the daily mark-to-market settlement price on November 6, 2025

Regulatory Changes

This adjustment is made in pursuance of:

  • BSE Exchange Notice No. 20180710-26 regarding review of corporate action adjustments for stock options
  • SEBI Master Circular No. SEBI/HO/MRD/DP/CIR/P/2016/135 dated December 16, 2016

Compliance Requirements

  • Trading members of Equity Derivatives Segment must note the adjustments
  • All strike prices for BPCL options will be automatically adjusted by deducting Rs. 7.50
  • Futures contracts will use adjusted base rate from November 7, 2025
  • Members should contact their respective relationship managers for further details

Important Dates

  • November 6, 2025: Adjustment implementation date; last day to trade at original strike prices/futures rates
  • November 7, 2025: Ex-dividend date; adjusted strikes and futures rates become effective for trading
  • November 7, 2025: Record date for dividend entitlement

Impact Assessment

Market Impact: High - All existing BPCL derivatives positions will be affected by the adjustment.

Options Impact: All option strike prices will be reduced by Rs. 7.50, maintaining intrinsic value equivalence for existing positions.

Futures Impact: Futures contracts will have adjusted base prices calculated as the November 6, 2025 settlement price minus Rs. 7.50, serving as the previous close for November 7, 2025 trading.

Trader Considerations: Position holders need to account for adjusted strikes and reference prices when managing risk and calculating P&L. The adjustment preserves economic value while reflecting the dividend impact.

Impact Justification

Mandatory adjustment to all BPCL F&O contracts affecting strike prices and futures base rates; impacts all derivatives traders with BPCL positions.