A shareholder may take up the option to buy the shares or sell the Rights to other investors. Rights holders not in the CDSC, but wishing to trade their Rights will have to open a Securities Account and deposit their Provisional Allotment Letters. Rights will be traded and settled in the normal trade cycle of T+3.
Following settlement of transactions effected on the trading floor on the last trade date, CDSC will provide a Trade Schedule / share movement report to the Issuer for the trading period of the rights. In case of transfer of rights between securities accounts a report will also be provided.
After the close of the processing period the Issuer will forward to the CDSC an upload file that will contain the list of Securities Account holders who have been allotted shares after exercising their rights as well as those who have been allotted excess shares. At the close of one business day before trade date, CDSC will credit the clients Securities Accounts with the number of Securities as per the upload file, and make available to the Issuer a download file thereafter.