Description

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

Summary

BSE has announced mandatory adjustments to all Futures and Options contracts of Adani Enterprises Ltd (Scrip Code: 512599, Derivatives Asset Code: ADEL) following the company’s rights issue announcement. The rights issue is in the ratio of 3:25 (3 equity shares for every 25 held) at an issue price of Rs. 1800 per share. Adjustments will be made on November 14, 2025 (end of day), with the ex-date being November 17, 2025. The adjustment factor of 0.970403 will be applied to modify strike prices and market lots for all existing contracts.

Key Points

  • Rights issue ratio: 3:25 (3 new shares for every 25 existing shares)
  • Issue price: Rs. 1800 per equity share
  • Record date: November 17, 2025 (ex-date)
  • Adjustment date: November 14, 2025 (end of day)
  • Adjustment factor: 0.970403 (calculated as (P-E)/P)
  • Benefits per share (E): Rs. 73.607143
  • Strike prices will be multiplied by adjustment factor 0.970403
  • Market lot will increase from 300 to 309 contracts
  • Applies to all available F&O contracts on ADEL

Regulatory Changes

This adjustment is being made in pursuance of SEBI guidelines for adjustment of Futures & Options contracts on announcement of corporate actions. The methodology follows SEBI’s prescribed formula for rights issue adjustments:

  • Adjustment Factor = (P-E)/P, where P is spot price on last cum date and E is benefits per share
  • Benefits per share = (P-S) × A / (A+B), where S is issue price, A is rights entitlement, and B is existing shares

Compliance Requirements

For Trading Members:

  • Download the revised contract master file on the adjustment day (November 14, 2025)
  • Update systems with new strike prices and market lots
  • Inform clients holding positions in ADEL F&O contracts about the adjustments
  • Contact designated Relationship Managers for clarifications
  • Ensure trading systems reflect revised contract specifications before market opens on November 17, 2025

Contract Adjustments Required:

  • All options contracts: Strike prices to be adjusted by multiplying by 0.970403
  • All options contracts: Market lot to change from 300 to 309
  • All futures contracts: Futures price to be adjusted by multiplying by 0.970403
  • All futures contracts: Market lot to change from 300 to 309

Important Dates

  • November 13, 2025: Circular issued
  • November 14, 2025: Adjustments to be made (end of day)
  • November 17, 2025: Ex-date for rights issue; Record date for shareholder eligibility

Impact Assessment

Market Impact:

  • All existing F&O positions in Adani Enterprises Ltd will be automatically adjusted
  • Traders with open positions need to account for revised strike prices and lot sizes
  • Example: An existing 1900 strike call option will become 1843.75 strike
  • Market lot increase from 300 to 309 contracts affects position sizing and margin requirements

Operational Impact:

  • High impact on derivatives traders with active positions in ADANIENT
  • Margin requirements may change due to adjusted market lot size
  • Potential for confusion if traders are unaware of adjustments
  • Risk management systems need to be updated with new contract parameters

Financial Impact:

  • The adjustment factor of 0.970403 reflects a dilution effect of approximately 2.96%
  • Benefits per share of Rs. 73.61 represents the theoretical value of the rights entitlement
  • Position values will be adjusted proportionally to maintain fair value post-corporate action

Impact Justification

Material adjustment to all F&O contracts of Adani Enterprises Ltd affecting strike prices and market lots, requiring immediate action by derivatives traders with positions in this scrip.