Description

BSE announces adjustments to F&O contracts for Adani Enterprises Ltd due to 3:25 rights issue at Rs. 1800 per share with record date November 17, 2025.

Summary

BSE will adjust all Futures and Options contracts for Adani Enterprises Ltd (Scrip Code: 512599, Derivatives Asset Code: ADEL) on November 14, 2025 (end of day) due to a rights issue in the ratio of 3:25 at Rs. 1800 per equity share. The ex-date is November 17, 2025, which is also the record date for determining eligible shareholders.

Key Points

  • Rights issue ratio: 3 equity shares for every 25 equity shares held
  • Issue price: Rs. 1800 per equity share
  • Record date: November 17, 2025
  • Ex-date: November 17, 2025
  • Adjustment effective: November 14, 2025 (end of day)
  • Adjustment factor: 0.970403 (based on formula (P-E)/P)
  • Market lot changes from 300 to 309 contracts
  • Strike prices will be multiplied by adjustment factor 0.970403
  • Futures prices will be multiplied by adjustment factor 0.970403

Regulatory Changes

Adjustments made in compliance with SEBI guidelines for F&O contract adjustments on announcement of corporate actions. The adjustment methodology follows prescribed SEBI formulas for rights issue corporate actions.

Compliance Requirements

  • Trading members must download the revised contract master file on the day of adjustment
  • Members must note revised strike prices and market lot sizes
  • All existing F&O positions will be automatically adjusted by the exchange
  • For clarifications, trading members should contact their designated Relationship Managers

Important Dates

  • November 13, 2025: Circular notice date
  • November 14, 2025: Adjustment to be implemented (end of day)
  • November 17, 2025: Ex-date and Record date for rights issue eligibility

Impact Assessment

Market Impact: All existing Futures and Options contracts on Adani Enterprises Ltd will undergo mandatory adjustments affecting strike prices and contract sizes. This will impact all open positions held by traders and investors in ADEL derivatives.

Operational Impact:

  • Strike prices will be adjusted downward by multiplying by factor 0.970403 (e.g., 1900 strike becomes 1843.75, 1950 strike becomes 1892.30)
  • Market lot size increases from 300 to 309 contracts
  • Trading systems and risk management systems must accommodate the new contract specifications
  • Position holders need to recalculate their exposure based on new lot sizes and strike prices

Example Calculation:

  • Adjustment Factor = (P-E)/P where P = spot price on last cum date, E = benefits per share
  • Benefits per share (E) = (P-S) × Rights Entitlement / Total Entitlement = (2487-1800) × 3 / 28 = Rs. 73.607143
  • Adjustment Factor = (2487 - 73.607143) / 2487 = 0.970403

Impact Justification

Mandatory adjustment to all F&O contracts affecting strike prices and market lots for a major stock, requiring immediate action by trading members