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Mint Explainer | Vedanta F&O contracts expire today ahead of demerger. What happens next?
Subscribe to enjoy similar stories.Billionaire Anil Agarwal-led Vedanta Ltd is undergoing a major restructuring, splitting itself into five independent listed companies: Vedanta Aluminium, Vedanta Oil & Gas, Vedanta Power, Vedanta Iron & Steel, and parent Vedanta Ltd, which will house the zinc and silver businesses through Hindustan Zinc and act as an incubator for new opportunities.While this move is aimed at unlocking value, it creates short-term disruption in the derivatives (futures and options) market. Mint breaks down the process.All futures and options (F&O) contracts of Vedanta will expire on 29 April, irrespective of their original expiry date, Nimish Maheshwari, co-founder of Beat the Street, wrote in a note.
This is because the National Stock Exchange of India and the BSE require all derivative contracts to be settled before a major corporate action such as a demerger, he wrote.When a company’s structure changes, the old contracts no longer reflect the correct value of the business. To avoid pricing confusion, exchanges force an early settlement based on the stock’s closing price in the cash market on that day.All open positions, whether futures or options, will be settled at Vedanta’s closing price on 29 April, according to Maheshwari.
The record date for the demerger is 1 May, but since that day is a market holiday, the cut-off moves to 30 April, as per Maheshwari's note.India follows a T+1 system, where trades are settled the next working day, and so 29 April becomes the last day to buy shares and still be eligible for the demerger. Any gains or losses from 29 April trades will be credited or debited on the next trading day.After this, all old contracts will end.
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