Description

Trading of Rights Entitlements (REs) for Adani Enterprises Limited permitted on BSE from November 25, 2025 to December 5, 2025 with Rights Issue opening November 25 to December 10, 2025.

Summary

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

Key Points

  • Rights Entitlements trading period: November 25, 2025 to December 5, 2025
  • Scrip Code: 751059
  • Scrip ID: ADANI-RE
  • ISIN: INE423A20016
  • Market Lot: 1
  • Group: R
  • Settlement: T+1 Rolling Settlement on trade-for-trade basis
  • Trading format: Dematerialized form only
  • REs that are neither subscribed nor renounced will lapse after the Issue Closing Date

Regulatory Changes

No new regulatory changes introduced. This circular implements existing framework for trading of rights entitlements as per previous notices dated March 5, 2020 (notice no-20200305-21) and May 18, 2020 (notice no-20200518-34).

Compliance Requirements

  • Trading Members must inform all clients about commencement of trading in REs
  • Members must specify the ISIN of the RE to clients
  • Members must ensure clients do not mistake REs for ordinary shares
  • Contract notes/bills containing purchase of REs must include a prominent disclaimer stating:
    • Purchase of REs only gives right to participate in the Rights Issue by making application with requisite money
    • REs can be renounced before issue closes
    • Unsubscribed and unrenounced REs will lapse and be extinguished after Issue Closing Date

Important Dates

  • November 25, 2025: Rights Entitlements trading commences; Rights Issue opens
  • December 5, 2025: Last day for trading Rights Entitlements
  • December 10, 2025: Rights Issue closes; unsubscribed/unrenounced REs lapse after this date

Impact Assessment

Market Impact: Medium - Provides liquidity option for shareholders who do not wish to participate in the rights issue by allowing them to trade their entitlements.

Operational Impact: Trading members need to implement proper disclosure mechanisms in contract notes and ensure client awareness about the nature of REs versus ordinary shares.

Investor Impact: Shareholders of Adani Enterprises Limited can monetize their rights entitlements if they choose not to subscribe to the rights issue, or can purchase additional entitlements from the market to increase their subscription.

Impact Justification

Medium importance as it enables trading of rights entitlements for a major listed company. Impact is limited to shareholders and investors interested in the rights issue.