Adani Enterprises Limited (ADANIENT) has announced a rights issue in the ratio of 3:25, i.e., 3 equity shares for every 25 equity shares held, at an issue price of ₹1800 per share. The company has fixed November 17, 2025, as the ex-date to determine the eligible shareholders for the issue.
As a result, the Futures and Options contracts of Adani Enterprises Limited will be adjusted according to the framework prescribed by SEBI. The adjustment will result in a change in the Strike Price and Lot Size of Options and the Price and Lot Size of the Futures contracts. The changes will come into effect on the ex-date, November 17, 2025. You can check the announcement from the exchange here.
SEBI has prescribed a framework to the exchanges for the adjustment of corporate actions in derivative contracts at the time of the corporate action. The exchange has published everything regarding the adjustments in the case of corporate actions here. The adjustments are carried out so that the value of the position of the market participants, on the cum and ex-dates for the corporate action, continues to remain the same as far as possible.
Here’s how the adjustment works:
The adjustment factor for the rights issue of Adani Enterprises Limited (ADANIENT), with a rights ratio of 3:25 and an issue price of Rs. 1,800, is calculated as follows:
Adjustment Details:
| Symbol | ADANIENT |
|---|---|
| Company name | Adani Enterprises Limited |
| Type of corporate action | RIGHTS |
| Face value | Rs 1/- |
| Ratio | 3:25 |
| Ex-date & effective date | November 17, 2025 |
| Adjustment factor | 0.969485 |
| Adjusted revised market lot | 309 |
| Revised quantity freeze limit | 9270 |
| Revised option strike prices | You can refer to page 2 of the circular here. |
Adjustment of Futures Contracts:
Futures base price: The adjusted Futures base price shall be arrived at by multiplying the old Futures base price by the adjustment factor.
Futures lot size: The adjusted market lot shall be arrived at by dividing the old market lot by the adjustment factor. The revised market lot would be 309.
Example: If you are holding a position in ADANIENT NOV FUT and on pre-ex-date (November 14, 2025), futures close at 2524, on ex-date the price will be adjusted to 2447 (Price on pre-ex-date: 2524 * Adjustment Factor: 0.969485). While the lot size will be adjusted to 309 (Current lot size: 300 / Adjustment Factor: 0.969485).
Adjustment of Options Contracts:
Strike Price: The adjusted strike price shall be arrived at by multiplying the old strike price by the adjustment factor.
Lot Size: The adjusted market lot shall be arrived at by dividing the old market lot by the adjustment factor. The revised market lot would be 309.
Example: If you are holding a position in ADANIENT 2500 CE, the current lot size is 300. On ex-date, the 2500 CE will be adjusted to 2423.70 CE (Strike Price: 2500 * Adjustment Factor: 0.969485), and the lot size will be adjusted to 309 (Current Lot Size: 300 / Adjustment Factor: 0.969485).
Those holding positions in F&O contracts are not eligible for corporate action benefits. If you are holding equity shares of Adani Enterprises Limited on the record date (November 17, 2025), you will be eligible to receive Rights Entitlements (REs).
These REs will be temporarily traded on the stock exchanges and will then be extinguished. You can either use the REs to apply for the rights shares of the company, or you can sell them in the market. Explained here.
Note: This post has been updated based on the revised exchange circular dated November 14th, which supersedes the earlier circular issued on November 13th. The November 13th circular had preliminary adjustment details, and the November 14th circular provided the final ratios and adjustment factor, which are now reflected here.