Description
Adjustment of F&O contracts for Adani Enterprises Limited due to rights issue at Rs 1800 with 3:25 ratio, effective November 17, 2025.
Summary
NSE has announced adjustments to Futures and Options contracts for Adani Enterprises Limited (ADANIENT) due to a rights issue. The company is issuing rights at Rs 1800 per share with a ratio of 3:25 (3 rights shares for every 25 existing shares, face value Re 1/-). An adjustment factor of 0.970366 will be applied to all existing F&O contracts effective from the ex-date of November 17, 2025.
Key Points
- Security: ADANIENT (Adani Enterprises Limited)
- Corporate Action: Rights Issue
- Issue Price: Rs 1800 per share
- Rights Ratio: 3:25 (3 new shares for every 25 existing shares)
- Face Value: Re 1/-
- Adjustment Factor: 0.970366
- Revised Market Lot: 309 contracts
- Ex-Date and Effective Date: November 17, 2025
- Revised option strike prices will be provided one day prior to ex-date
- Revised strike prices and lot sizes will appear in decimal places and be rounded to nearest tick size
Regulatory Changes
This adjustment is made in pursuance of SEBI guidelines for adjustments to futures and options contracts on announcement of corporate actions. The methodology ensures fair adjustment of derivative positions when underlying securities undergo corporate actions like rights issues.
Compliance Requirements
- Members must load updated contract files before trading on the ex-date:
- Contract.gz file (NSE_FO_contract_ddmmyyyy.csv.gz)
- Spread file (NSE_FO_spdcontract_ddmmyyyy.csv.gz)
- Files available on Extranet server directory: faoftp/faocommon
- MII contract and spread files also available on NSE website at: https://www.nseindia.com/all-reports-derivatives
- Adjustment details can be referenced at: https://www.nseindia.com/products-services/equity-derivatives-corporate-actions-adjustments
- Position adjustment methodology will be separately communicated by the Clearing Corporation
Important Dates
- November 13, 2025: Circular issued
- November 16, 2025: Revised strike prices, lot sizes and contract details to be made available (one day prior to ex-date)
- November 17, 2025: Ex-date and Effective Date for adjustments
Impact Assessment
High Impact on F&O Traders: All existing futures and options positions in ADANIENT will be adjusted using the factor 0.970366. This affects:
- Strike Prices: All option strikes will be revised downward based on the adjustment factor
- Lot Sizes: Market lot revised to 309 contracts
- Contract Values: Futures base prices will be adjusted
- Trading Systems: Members must update trading applications with new contract specifications before market opens on November 17, 2025
Calculation Methodology (based on indicative underlying price of Rs 2488.20):
- Benefit per share = Rs 73.74 [(2488.20 - 1800) × 3 ÷ 28]
- Adjustment Factor = (2488.20 - 73.74) ÷ 2488.20 = 0.970366
Operational Impact: Trading members need to ensure system readiness and client communication regarding adjusted positions to avoid confusion or trading errors on the ex-date.
Impact Justification
Material impact on all outstanding F&O positions in ADANIENT due to rights issue requiring contract adjustments with new strike prices, lot sizes, and adjustment factor of 0.970366