Vedanta Future price after Dividend announcement

I have 1 lot VEDL SEP Future bought at 302, on 31 Aug 2021. Today on 1st Sep 2021, they announced Rs.18.5 dividend.Ex dividend 9th Sep 2021. The future closed today at 298. As this is more than 5%,extra ordinary dividend, adjustment will take place in future price. I am worried about how the adjustment will take place? Can someone guide at what price will it open tomorrow 2nd sep 2021? What if I sell tomorrow?

As this is an extraordinary dividend. The price of Futures contract will be adjusted on ex-date.

The adjustment is carried out in such a way that the value of the position of the market participants, on the cum and ex-dates for the corporate action, shall continue to remain the same as far as possible.

You can check out this post which explains how the adjustments are made.

I was doubtful about dates before ex dividend. Will the future get reduced by 18.5 tomorrow itself? Or is it like that if the future becomes 305 and I exit the buy position at 305, but mtom is calculated as if I sold at 305-18.5, ie 286.5?
Is it like that?

No, the adjustment will happen in the ex-date. Not tomorrow.

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