Description

BSE announces trading in Rights Entitlements (REs) for Darshan Orna Limited from November 13-17, 2025, with the Rights Issue opening November 13-21, 2025.

Summary

BSE has announced the commencement of trading in Rights Entitlements (REs) for Darshan Orna Limited. Trading for renunciation of REs will be permitted from November 13, 2025 to November 17, 2025, while the Rights Issue itself will remain open from November 13, 2025 to November 21, 2025. The REs will trade under scrip code 751055 with ISIN INE671T20010 and will be settled on a T+1 rolling settlement basis in dematerialized form only.

Key Points

  • Rights Entitlements trading period: November 13-17, 2025 (5 trading days)
  • Rights Issue period: November 13-21, 2025
  • Scrip Code: 751055, Scrip ID: DARSHA-RE
  • ISIN: INE671T20010
  • Market Lot: 1
  • Group: R
  • Settlement: T+1 rolling settlement, trade-for-trade basis
  • Trading form: Dematerialized form only
  • Unsubscribed or unrenounced REs will lapse after the Issue Closing Date

Regulatory Changes

No new regulatory changes introduced. This circular follows existing framework for Rights Entitlements trading as outlined in previous notices dated March 05, 2020 (notice no. 20200305-21) and May 18, 2020 (notice no. 20200518-34).

Compliance Requirements

For Trading Members:

  • Inform all clients about the commencement of trading in REs
  • Clearly communicate the ISIN of the RE to clients
  • Include prominent disclaimer in contract notes/bills for RE purchases stating:
    • Purchase of REs only grants the right to participate in the ongoing Rights Issue by submitting application with requisite money, or to renounce the REs
    • REs that are neither subscribed nor renounced before Issue Closing Date will lapse and be extinguished
  • Ensure clients understand REs are not ordinary shares of the company
  • Refer to notice nos. 20200305-21 and 20200518-34 for complete operational details

For Investors:

  • REs must be held in dematerialized form for trading
  • Must either subscribe with application money or renounce REs before November 21, 2025
  • Failure to act will result in lapse of REs

Important Dates

  • November 11, 2025: Notice date
  • November 13, 2025: RE trading commences; Rights Issue opens
  • November 17, 2025: RE trading for renunciation closes
  • November 21, 2025: Rights Issue closes; deadline for subscription/renunciation

Impact Assessment

Market Impact: Low - This is a company-specific corporate action affecting only existing shareholders of Darshan Orna Limited who hold rights entitlements.

Operational Impact: Minimal - Standard rights issue procedure following established BSE framework. Trading members need to ensure proper client communication and disclaimer processes are in place.

Investor Impact: Moderate for existing shareholders - Shareholders must take action within the specified timeframe (subscribe or renounce) to avoid lapse of their rights entitlements. The 5-day renunciation window (November 13-17) is shorter than the overall 9-day issue period (November 13-21), requiring timely decision-making for those considering selling their rights.

Impact Justification

Company-specific rights issue trading announcement affecting only shareholders of Darshan Orna Limited; routine corporate action with limited market-wide impact