Adjustment of Futures and Options contracts in the security HAVELLS.

Havells India Limited has informed the Exchange that it has fixed August 27, 2014 as the Record 
Date for the sub-division of the nominal face value of the equity shares of the company from Rs.5
to Rs.1 per equity share. Hence each shareholder would be entitled to receive 5 Equity Shares of 
Rs.1 each for every 1 Equity Share of Rs.5 each of the Company.

Symbol : HAVELLS
Stock split ratio : 5:1
Ex-date : August 26, 2014

Adjustment factor:
Adjustment factor for Stock split of A: B is defined as (A/B). In the case of HAVELLS, the 
adjustment factor is (5/1) = 5, since the split ratio is 5:1.

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 1250.

Adjustments for Futures Contracts:

1. Futures price: The adjusted futures price shall be arrived at by dividing the old futures 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 1250

http://www.nseindia.com/content/circulars/FAOP27428.pdf

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