Description
Trading in Rights Entitlements (REs) for renunciation of DARSHAN ORNA LIMITED will be permitted on BSE 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 renunciation of DARSHAN ORNA LIMITED. Trading will be permitted from November 13-17, 2025, while the underlying Rights Issue will be open from November 13-21, 2025. The REs will be settled on T+1 rolling settlement basis with trade-for-trade settlement and will be tradable only in dematerialized form.
Key Points
- Rights Entitlements trading period: November 13-17, 2025 (Thursday to Monday)
- Rights Issue open period: November 13-21, 2025
- Scrip Code: 751055
- Scrip ID: DARSHA-RE
- ISIN: INE671T20010
- Market Lot: 1
- Group: R
- Settlement: T+1 rolling settlement on trade-for-trade basis
- Trading mode: Dematerialized form only
- Unsubscribed or unrenounced REs will lapse after the issue closing date
Regulatory Changes
No regulatory changes introduced. This circular implements existing BSE framework for Rights Entitlements trading as per notices dated March 5, 2020 (20200305-21) and May 18, 2020 (20200518-34).
Compliance Requirements
For Trading Members:
- Inform all clients about the commencement of RE trading and the specific ISIN (INE671T20010)
- Clarify that REs are not ordinary shares of the company
- Include a prominent disclaimer in contract notes/bills for RE purchases stating:
- Purchase of REs only provides the right to participate in the ongoing Rights Issue by making application with requisite application money
- REs can be renounced before the issue closes
- REs that are neither subscribed nor renounced by the Issue Closing Date will lapse and be extinguished
- Refer to previous notices (20200305-21 and 20200518-34) for detailed procedures
For Investors:
- REs must be held in dematerialized form for trading
- Must either subscribe to the Rights Issue with application money or renounce the REs before November 21, 2025
- Unexercised REs will automatically lapse after the closing date
Important Dates
| Date | Event |
|---|---|
| November 11, 2025 | Notice date |
| November 13, 2025 | Rights Entitlements trading begins; Rights Issue opens |
| November 17, 2025 | Rights Entitlements trading ends |
| November 21, 2025 | Rights Issue closes; last date to subscribe or renounce REs |
Impact Assessment
Market Impact: Low - This is a company-specific rights issue affecting only DARSHAN ORNA LIMITED shareholders and potential investors.
Operational Impact: Medium for shareholders - Existing shareholders must decide whether to exercise their rights, renounce them for trading, or allow them to lapse. The short trading window (5 days) and brief issue period (9 days) require prompt action.
Trading Impact: The T+1 settlement on trade-for-trade basis ensures quick settlement while preventing speculative trading. Demat-only requirement ensures transparency and reduces settlement risk.
Impact Justification
Standard rights entitlements trading notification for a single company with limited market-wide impact. Affects only shareholders and potential investors of DARSHAN ORNA LIMITED.