NATIONAL
STOCK EXCHANGE OF INDIA LIMITED
FUTURES
& OPTIONS SEGMENT
CIRCULAR
Circular No:
NSE/F&O/014/2006 February
24, 2006
Download No:
NSE/FAOP/7206
Dear Members,
Subject:
Adjustment of Futures and Options contracts in the security TITAN
In pursuance of the principles prescribed by SEBI for adjustments to
futures and options contracts on announcement of corporate action of rights
shares and in continuation to our Circular no: NSE/F&O/0011/2006 dated
February 09, 2006, the following may be noted.
Corporate action:
Titan
Industries Ltd. has informed the Exchange that, the Board of Directors have
approved the issue of Partly Convertible Debentures (PCDs)
of Rs.600 each on a rights basis in the ratio of one PCD for every twenty
equity shares held in the company to the shareholders of the company as on a
record date. The PCD will comprise of:
(a)
Part 'A' to be converted into one equity share (Face value of Rs.10/-).
(b) Part
'B' will be one Non-Convertible Debenture (NCD).
As
approved by the Board in their meeting, the price of the equity share comprised
in the Partly Convertible Debentures (PCD) (forming Part A of the PCD) to be
issued on allotment, at Rs.350 per equity share of a face of Rs.10 per share
and inclusive of premium of Rs.340 per equity share. The price of the
Non-Convertible Debenture (NCD) comprised in Part B has been fixed at Rs.250
per NCD (balance amount out of Rs. 600 on due
appropriation of the amount of equity shares) carrying an annual interest of 6.75%
p.a. and redeemable at par at the end of 5 years from the date of allotment.
Further,
the company has fixed Record Date of March 06, 2006 for the purpose of Rights
Issue.
Symbol : TITAN
Rights ratio : 1:20
Record Date : March 06, 2006
Ex-date : February 27,
2006
Issue Price : 350.00
Adjustment factor:
Underlying close price on the last cum date i.e. on February 24, 2006
(P): 799.65
Issue price of the rights (S) :
350.00
Number of Existing shares = 20
Rights Entitlement
(Rights to subscribe) = 1
Total Entitlement = 21
Benefit per Right Entitlement
= (P – S)
= (799.65-350) = Rs. 449.65
Benefits per share (E)
= (449.65/ 21) = 21.4119
Hence, Adjustment Factor is
= (P-E)/P
= (799.65-21.4119) / 799.65
= 0.973223
Adjustments for Options
Contracts:
1. Strike Price: The adjusted strike price shall
be arrived at by multiplying the old strike price by the adjustment factor.
2.
Market
Adjustments for Futures
Contracts:
The revised
strike/futures prices and the lot size on account of adjustment would appear in
decimal places. The strike/futures prices shall be rounded off to the nearest
tick size and the lot size shall be rounded off to the nearest integer.
The details of the revised futures and option contracts available for
trading in the security TITAN on February 27, 2006 are given at Annexure 1
The methodology for position
adjustments has been separately intimated by NSCCL.
The above changes shall be effective from February 27, 2006.
Members are requested to load the
following files in the NEATFO software before trading on February 27, 2006.
1. Security.zip
2. Contract.zip
3. fo_participant.zip
These files can be obtained from the directory faoftp/faocommon in the Extranet server.
For any clarifications, members are advised
to contact the following officials:
Mr Janardhan Gujaran, Mr. Arvind Goyal and Mr.
Shibu Nair at 022-26598151 and 022-26598152.
For
and on behalf of
National
Stock Exchange of India Limited
Suprabhat Lala
Assistant
Vice President – F&O Trade
Annexure
– 1
.
|
S No. |
Instrument |
Symbol |
Expiry |
Option
Type |
Existing
strike price |
Revised
strike price |
|
1 |
FUTSTK |
TITAN |
30-Mar-06 |
NA |
NA |
NA |
|
2 |
FUTSTK |
TITAN |
27-Apr-06 |
NA |
NA |
NA |
|
3 |
FUTSTK |
TITAN |
25-May-06 |
NA |
NA |
NA |
|
4 |
OPTSTK |
TITAN |
30-Mar-06 |
CA |
620 |
603.40 |
|
5 |
OPTSTK |
TITAN |
30-Mar-06 |
PA |
620 |
603.40 |
|
6 |
OPTSTK |
TITAN |
30-Mar-06 |
CA |
640 |
622.85 |
|
7 |
OPTSTK |
TITAN |
30-Mar-06 |
PA |
640 |
622.85 |
|
8 |
OPTSTK |
TITAN |
30-Mar-06 |
CA |
660 |
642.35 |
|
9 |
OPTSTK |
TITAN |
30-Mar-06 |
PA |
660 |
642.35 |
|
10 |
OPTSTK |
TITAN |
30-Mar-06 |
CA |
680 |
661.80 |
|
11 |
OPTSTK |
TITAN |
30-Mar-06 |
PA |
680 |
661.80 |
|
12 |
OPTSTK |
TITAN |
30-Mar-06 |
CA |
700 |
681.25 |
|
13 |
OPTSTK |
TITAN |
30-Mar-06 |
PA |
700 |
681.25 |
|
14 |
OPTSTK |
TITAN |
30-Mar-06 |
CA |
720 |
700.70 |
|
15 |
OPTSTK |
TITAN |
30-Mar-06 |
PA |
720 |
700.70 |
|
16 |
OPTSTK |
TITAN |
30-Mar-06 |
CA |
740 |
720.20 |
|
17 |
OPTSTK |
TITAN |
30-Mar-06 |
PA |
740 |
720.20 |
|
18 |
OPTSTK |
TITAN |
30-Mar-06 |
CA |
760 |
739.65 |
|
19 |
OPTSTK |
TITAN |
30-Mar-06 |
PA |
760 |
739.65 |
|
20 |
OPTSTK |
TITAN |
30-Mar-06 |
CA |
780 |
759.10 |
|
21 |
OPTSTK |
TITAN |
30-Mar-06 |
PA |
780 |
759.10 |
|
22 |
OPTSTK |
TITAN |
30-Mar-06 |
CA |
800 |
778.60 |
|
23 |
OPTSTK |
TITAN |
30-Mar-06 |
PA |
800 |
778.60 |
|
24 |
OPTSTK |
TITAN |
30-Mar-06 |
CA |
820 |
798.05 |
|
25 |
OPTSTK |
TITAN |
30-Mar-06 |
PA |
820 |
798.05 |
|
26 |
OPTSTK |
TITAN |
30-Mar-06 |
CA |
840 |
817.50 |
|
27 |
OPTSTK |
TITAN |
30-Mar-06 |
PA |
840 |
817.50 |
|
28 |
OPTSTK |
TITAN |
30-Mar-06 |
CA |
860 |
836.95 |
|
29 |
OPTSTK |
TITAN |
30-Mar-06 |
PA |
860 |
836.95 |
|
30 |
OPTSTK |
TITAN |
30-Mar-06 |
CA |
880 |
856.45 |
|
31 |
OPTSTK |
TITAN |
30-Mar-06 |
PA |
880 |
856.45 |
|
32 |
OPTSTK |
TITAN |
30-Mar-06 |
CA |
900 |
875.90 |
|
33 |
OPTSTK |
TITAN |
30-Mar-06 |
PA |
900 |
875.90 |
|
34 |
OPTSTK |
TITAN |
27-Apr-06 |
CA |
620 |
603.40 |
|
35 |
OPTSTK |
TITAN |
27-Apr-06 |
PA |
620 |
603.40 |
|
36 |
OPTSTK |
TITAN |
27-Apr-06 |
CA |
640 |
622.85 |
|
37 |
OPTSTK |
TITAN |
27-Apr-06 |
PA |
640 |
622.85 |
|
38 |
OPTSTK |
TITAN |
27-Apr-06 |
CA |
660 |
642.35 |
|
39 |
OPTSTK |
TITAN |
27-Apr-06 |
PA |
660 |
642.35 |
|
40 |
OPTSTK |
TITAN |
27-Apr-06 |
CA |
680 |
661.80 |
|
41 |
OPTSTK |
TITAN |
27-Apr-06 |
PA |
680 |
661.80 |
|
42 |
OPTSTK |
TITAN |
27-Apr-06 |
CA |
700 |
681.25 |
|
43 |
OPTSTK |
TITAN |
27-Apr-06 |
PA |
700 |
681.25 |
|
44 |
OPTSTK |
TITAN |
27-Apr-06 |
CA |
720 |
700.70 |
|
45 |
OPTSTK |
TITAN |
27-Apr-06 |
PA |
720 |
700.70 |
|
46 |
OPTSTK |
TITAN |
27-Apr-06 |
CA |
740 |
720.20 |
|
47 |
OPTSTK |
TITAN |
27-Apr-06 |
PA |
740 |
720.20 |
|
48 |
OPTSTK |
TITAN |
27-Apr-06 |
CA |
760 |
739.65 |
|
49 |
OPTSTK |
TITAN |
27-Apr-06 |
PA |
760 |
739.65 |
|
50 |
OPTSTK |
TITAN |
27-Apr-06 |
CA |
780 |
759.10 |
|
51 |
OPTSTK |
TITAN |
27-Apr-06 |
PA |
780 |
759.10 |
|
52 |
OPTSTK |
TITAN |
27-Apr-06 |
CA |
800 |
778.60 |
|
53 |
OPTSTK |
TITAN |
27-Apr-06 |
PA |
800 |
778.60 |
|
54 |
OPTSTK |
TITAN |
27-Apr-06 |
CA |
820 |
798.05 |
|
55 |
OPTSTK |
TITAN |
27-Apr-06 |
PA |
820 |
798.05 |
|
56 |
OPTSTK |
TITAN |
27-Apr-06 |
CA |
840 |
817.50 |
|
57 |
OPTSTK |
TITAN |
27-Apr-06 |
PA |
840 |
817.50 |
|
58 |
OPTSTK |
TITAN |
27-Apr-06 |
CA |
860 |
836.95 |
|
59 |
OPTSTK |
TITAN |
27-Apr-06 |
PA |
860 |
836.95 |
|
60 |
OPTSTK |
TITAN |
27-Apr-06 |
CA |
880 |
856.45 |
|
61 |
OPTSTK |
TITAN |
27-Apr-06 |
PA |
880 |
856.45 |
|
62 |
OPTSTK |
TITAN |
25-May-06 |
CA |
720 |
700.70 |
|
63 |
OPTSTK |
TITAN |
25-May-06 |
PA |
720 |
700.70 |
|
64 |
OPTSTK |
TITAN |
25-May-06 |
CA |
740 |
720.20 |
|
65 |
OPTSTK |
TITAN |
25-May-06 |
PA |
740 |
720.20 |
|
66 |
OPTSTK |
TITAN |
25-May-06 |
CA |
760 |
739.65 |
|
67 |
OPTSTK |
TITAN |
25-May-06 |
PA |
760 |
739.65 |
|
68 |
OPTSTK |
TITAN |
25-May-06 |
CA |
780 |
759.10 |
|
69 |
OPTSTK |
TITAN |
25-May-06 |
PA |
780 |
759.10 |
|
70 |
OPTSTK |
TITAN |
25-May-06 |
CA |
800 |
778.60 |
|
71 |
OPTSTK |
TITAN |
25-May-06 |
PA |
800 |
778.60 |
|
72 |
OPTSTK |
TITAN |
25-May-06 |
CA |
820 |
798.05 |
|
73 |
OPTSTK |
TITAN |
25-May-06 |
PA |
820 |
798.05 |
|
74 |
OPTSTK |
TITAN |
25-May-06 |
CA |
840 |
817.50 |
|
75 |
OPTSTK |
TITAN |
25-May-06 |
PA |
840 |
817.50 |
|
76 |
OPTSTK |
TITAN |
25-May-06 |
CA |
860 |
836.95 |
|
77 |
OPTSTK |
TITAN |
25-May-06 |
PA |
860 |
836.95 |