Future contract convert in Kite

What is the result of converting future contract into Overnight ? I dont want to click this button without knowing about it.

  1. Will this make my future contract into cash at the price I have bought this contract for
  2. It also gives me option to enter number of shares-- does that mean – if I have future contract of 1 lot but I can convert it into shares lesser than lot size

No, this will convert your intraday order (MIS) into a NRML order. NRML order is for overnight positions - you can carry forward the positions for multiple days. However, you need full margins for this.

You can choose to partly convert your position. For example, out of the 3 lots, you can choose to convert only 1 lot and square off the remaining 2.