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04 Aug 2025, 04:07 PM
Adjustment of F&O contracts of HDFCBANK on account of bonus.
As per the circular, effective from August 26, 2025, the HDFCBANK F&O contracts will be revised based on the bonus adjustment factor.
Calculation of the adjustment factor:
The adjustment factor for a bonus issue of A: B is defined as (A+B)/B. For HDFCBANK, the adjustment factor is (1+1)/1 = 2 since the bonus issue ratio of 1:1.
Adjustment for Futures Contracts:
Futures base price: The adjusted futures base price is arrived at by dividing the settlement price of the future one day before the ex-date by the adjustment factor.
Futures lot size: The adjusted market lot will be arrived at by multiplying the old market lot by the adjustment factor. The revised market lot would be 1100.
For example:
Assume you are holding a position in HDFCBANK SEP FUT and on pre-ex-date (Aug 25, 2025), futures close at 2050, on ex-date the price will be adjusted to 1025 (Price on pre-ex-date: 2050 / Adjustment Factor: 2)
While the lot size will be adjusted to 1100 (Current lot size: 550 * Adjustment Factor: 2).
Adjustment for Options Contracts:
Strike Price: The adjusted strike price is calculated by dividing the old strike price by the adjustment factor.
Lot Size: The adjusted lot size is arrived at by multiplying the old market lot by the adjustment factor. The revised lot size would be 1100.
For example:
Assume you hold a position in HDFCBANK 2000 CE. The current lot size is 550. On ex-date, the 2000 CE will be adjusted to 1000 (Strike Price 2000 / Adjustment Factor 2), and the lot size will be adjusted to 1100 (Current Lot Size: 550 * Adjustment Factor 2).
If you are holding equity shares of HDFCBANK on the ex-date (August 26, 2025), you will be eligible to receive the bonus shares. The shares will be credited to your account within 2 days from the record date (August 26, 2025). You can learn more about this here.
If you have any queries, then post them on our TradingQ&A forum here.