NATIONAL STOCK EXCHANGE OF INDIA
LIMITED
FUTURES & OPTIONS SEGMENT
CIRCULAR
Circular No: NSE/F&O/107/2008 October 3, 2008
Download No:
NSE/FAOP/11427
Dear
Members,
Subject: Adjustment of Futures and
Options contracts in the security GAIL
In pursuance
of SEBI guidelines for adjustments to futures and options contracts on
announcement of corporate action and
in continuation to circular no NSE/F&O/095/2008 dated September 11, 2008, the members are informed of the
following:
Corporate action:
Gail (India) Limited has informed the Exchange regarding a press
release dated September 04, 2008, titled "GAIL shareholders approve 1
bonus share issue for 2 equity shares; Authorized capital to be doubled to Rs.
2000 crore; GAIL to enhance petrochemical capacity at
its Pata plant; Company on path to achieve Rs. 50,000
crore revenue by 2011-12; Enhancing the transmission
/ distribution capability, Petrochemicals and City Gas / CNG activities to be
focus areas for future growth; GAIL Training Institute to become Profit
Centre". Gail (India) Limited has further informed the Exchange that for
issuance of one bonus share for two equity shares held, the 'Record Date', has
been fixed for October 07, 2008. The proposal has also been approved by the
Shareholders in their meeting held on September 04, 2008.
Symbol : GAIL
Bonus issue
ratio : 1:2
Ex-date : October 06, 2008
Record Date : October 07, 2008
Adjustment factor:
Adjustment
factor for Bonus issue of A:B is defined as (A+B)/B.
In the case of GAIL, the
adjustment factor is 3/2 = 1.5, since the bonus issue ratio is 1:2.
Adjustments for Options Contracts:
1. Strike Price:
The adjusted strike price shall be arrived at by dividing the old strike price
by the adjustment factor.
2. Market Lot: The
adjusted market lot shall be arrived at by multiplying the old market lot by
the adjustment factor. The revised market lot would be 1125.
Adjustments for Futures Contracts:
1. Futures Base
Price: The adjusted Futures Base Price shall be arrived at by dividing the old
Futures Base Price by the adjustment factor.
2. Market Lot: The
adjusted market lot shall be arrived at by multiplying the old market lot by
the adjustment factor. The revised market lot would be 1125.
The methodology for position
adjustments has been separately intimated by NSCCL.
The above
changes shall be effective from October 6, 2008.
Members are
requested to load the following files in the NEATFO software before trading on
October 6, 2008.
1. Security.gz
2. Contract.gz
These files can be obtained from the
directory faoftp/faocommon on the Extranet server.
The details of the revised option strike prices available
for trading in the security GAIL on October 6, 2008 is given in Annexure I.
For any clarifications, members are
advised to contact the following officials:
Ms. Shalini Rebeiro and Mr. Sachin
Dhar at 022-26598151 and 022-26598152.
For and on behalf of
National Stock Exchange of India Limited
Suprabhat Lala
Assistant Vice President
Annexure 1
|
Sr. No. |
Instrument |
Symbol |
Expiry |
Existing strike price |
Revised strike price |
|
1 |
OPTSTK |
GAIL |
29-Oct-08 |
350.00 |
233.35 |
|
2 |
OPTSTK |
GAIL |
29-Oct-08 |
360.00 |
240.00 |
|
3 |
OPTSTK |
GAIL |
29-Oct-08 |
370.00 |
246.65 |
|
4 |
OPTSTK |
GAIL |
29-Oct-08 |
380.00 |
253.35 |
|
5 |
OPTSTK |
GAIL |
29-Oct-08 |
390.00 |
260.00 |
|
6 |
OPTSTK |
GAIL |
29-Oct-08 |
400.00 |
266.65 |
|
7 |
OPTSTK |
GAIL |
29-Oct-08 |
410.00 |
273.35 |
|
8 |
OPTSTK |
GAIL |
29-Oct-08 |
420.00 |
280.00 |
|
9 |
OPTSTK |
GAIL |
29-Oct-08 |
430.00 |
286.65 |
|
10 |
OPTSTK |
GAIL |
29-Oct-08 |
440.00 |
293.35 |
|
11 |
OPTSTK |
GAIL |
29-Oct-08 |
450.00 |
300.00 |
|
12 |
OPTSTK |
GAIL |
29-Oct-08 |
460.00 |
306.65 |
|
13 |
OPTSTK |
GAIL |
27-Nov-08 |
360.00 |
240.00 |
|
14 |
OPTSTK |
GAIL |
27-Nov-08 |
370.00 |
246.65 |
|
15 |
OPTSTK |
GAIL |
27-Nov-08 |
380.00 |
253.35 |
|
16 |
OPTSTK |
GAIL |
27-Nov-08 |
390.00 |
260.00 |
|
17 |
OPTSTK |
GAIL |
27-Nov-08 |
400.00 |
266.65 |
|
18 |
OPTSTK |
GAIL |
27-Nov-08 |
410.00 |
273.35 |
|
19 |
OPTSTK |
GAIL |
27-Nov-08 |
420.00 |
280.00 |
|
20 |
OPTSTK |
GAIL |
27-Nov-08 |
430.00 |
286.65 |
|
21 |
OPTSTK |
GAIL |
27-Nov-08 |
440.00 |
293.35 |
|
22 |
OPTSTK |
GAIL |
27-Nov-08 |
450.00 |
300.00 |
|
23 |
OPTSTK |
GAIL |
27-Nov-08 |
460.00 |
306.65 |
|
24 |
OPTSTK |
GAIL |
25-Dec-08 |
360.00 |
240.00 |
|
25 |
OPTSTK |
GAIL |
25-Dec-08 |
370.00 |
246.65 |
|
26 |
OPTSTK |
GAIL |
25-Dec-08 |
380.00 |
253.35 |
|
27 |
OPTSTK |
GAIL |
25-Dec-08 |
390.00 |
260.00 |
|
28 |
OPTSTK |
GAIL |
25-Dec-08 |
400.00 |
266.65 |
|
29 |
OPTSTK |
GAIL |
25-Dec-08 |
410.00 |
273.35 |
|
30 |
OPTSTK |
GAIL |
25-Dec-08 |
420.00 |
280.00 |
|
31 |
OPTSTK |
GAIL |
25-Dec-08 |
430.00 |
286.65 |
|
32 |
OPTSTK |
GAIL |
25-Dec-08 |
440.00 |
293.35 |
|
33 |
OPTSTK |
GAIL |
25-Dec-08 |
450.00 |
300.00 |