Description

BSE permits trading in Rights Entitlements (REs) for Adani Enterprises Limited from November 25 to December 5, 2025, with rights issue open until December 10, 2025.

Summary

BSE has announced the commencement of trading in Rights Entitlements (REs) for renunciation of Adani Enterprises Limited. Trading will be permitted from November 25, 2025 to December 5, 2025, while the Rights Issue itself will remain open from November 25, 2025 to December 10, 2025. The REs will be settled on T+1 rolling settlement basis and traded on trade-for-trade basis in dematerialized form only.

Key Points

  • Rights Entitlements trading commences on November 25, 2025
  • Scrip Code: 751059, Scrip ID: ADANI-RE, ISIN: INE423A20016
  • Market lot size: 1
  • Group: R (Rights)
  • Settlement: T+1 rolling settlement on trade-for-trade basis
  • REs tradable in dematerialized form only
  • Trading members must inform clients about RE ISIN to avoid confusion with ordinary shares
  • Contract notes must include disclaimer about RE purchase implications
  • Unsubscribed and unrenounced REs will lapse after issue closing date

Regulatory Changes

No new regulatory changes. Trading members are requested to refer to previous notices: 20200305-21 dated March 5, 2020 and 20200518-34 dated May 18, 2020 for detailed guidelines.

Compliance Requirements

  • Trading members must inform all clients about commencement of RE trading
  • Must clearly mention the ISIN of the RE to clients
  • Must include prominent disclaimer in contract notes/bills containing RE purchases
  • Disclaimer must inform clients that RE purchase only provides right to participate in rights issue or renounce before closure
  • Must clarify that REs are different from ordinary shares of the company

Important Dates

  • November 25, 2025: Rights Entitlements trading begins; Rights Issue opens
  • December 5, 2025: Last day for RE trading/renunciation
  • December 10, 2025: Rights Issue closes
  • After December 10, 2025: Unsubscribed/unrenounced REs will lapse and be extinguished

Impact Assessment

This circular facilitates liquidity for Adani Enterprises rights issue participants by enabling trading of rights entitlements. Shareholders who do not wish to subscribe can renounce their rights during the trading period. The T+1 settlement and trade-for-trade mechanism ensures controlled trading environment. The requirement for prominent disclaimers protects retail investors from confusion between REs and ordinary shares. The specific 11-day trading window (Nov 25 - Dec 5) provides adequate time for market participants to make informed decisions before the rights issue closes on December 10, 2025.

Impact Justification

Enables trading of rights entitlements for a major company with specific trading period and settlement requirements