Description

BSE announces trading of Rights Entitlements (REs) for renunciation of DARSHAN ORNA LIMITED from November 13-17, 2025, with Rights Issue open from November 13-21, 2025.

Summary

BSE has announced that Rights Entitlements (REs) for renunciation of DARSHAN ORNA LIMITED will be available for trading from November 13-17, 2025. The Rights Issue will be open from November 13-21, 2025. REs will be settled on T+1 rolling settlement basis on a trade-for-trade basis and are tradable only in dematerialized form.

Key Points

  • Rights Entitlements trading permitted from Thursday, November 13, 2025 to Monday, November 17, 2025
  • Scrip Code: 751055, Scrip ID: DARSHA-RE, ISIN: INE671T20010
  • Market Lot: 1, Group: R
  • Settlement on T+1 Rolling Settlement basis, trade-for-trade
  • REs tradable in dematerialized form only
  • Rights Issue open from November 13, 2025 to November 21, 2025
  • Trading members must inform clients that REs are distinct from ordinary shares
  • Mandatory disclaimer required in contract notes for RE purchases
  • Unsubscribed and unrenounced REs will lapse after Issue Closing Date

Regulatory Changes

No new regulatory changes. This circular implements existing framework for Rights Entitlements trading as per previous notices 20200305-21 (March 05, 2020) and 20200518-34 (May 18, 2020).

Compliance Requirements

  • Trading members must inform all clients about commencement of RE trading with proper ISIN identification
  • Contract notes/bills must include prominent disclaimer stating that RE purchase only grants right to participate in Rights Issue by applying with requisite funds or to renounce before issue closes
  • Trading members must ensure clients understand REs are separate from ordinary shares
  • Clients must be warned that unsubscribed/unrenounced REs will lapse after Issue Closing Date

Important Dates

  • November 11, 2025: Circular notice date
  • November 13, 2025: RE trading period begins; Rights Issue opens
  • November 17, 2025: RE trading period ends (last day for renunciation)
  • November 21, 2025: Rights Issue closes

Impact Assessment

Market Impact: Limited to shareholders of DARSHAN ORNA LIMITED. Creates short-term trading opportunity for renunciation of rights entitlements.

Operational Impact: Trading members need to ensure proper client communication, contract note disclaimers, and settlement procedures for RE transactions. The T+1 settlement and trade-for-trade basis requires operational readiness.

Investor Impact: Shareholders must act within the 5-day renunciation window (November 13-17) or subscribe by November 21, otherwise REs will lapse and become worthless.

Impact Justification

Company-specific rights issue affecting shareholders of DARSHAN ORNA LIMITED with time-sensitive trading window for renunciation