Thursday’s Ex-Dates Rewrite Who Owns These Stocks

Steel Authority of India Ltd will trade ex-dividend on Wednesday, Sept. 30, for a final payout of ₹2.35 a share. Between Monday, Sept. 28, and Friday, Oct. 2, twelve listed companies also go ex for dividends, two 1-for-1 bonuses, a rights issue, a distillery spin-off and an insolvency share cut.

Income screens still bundle those dates as one dividend calendar. Thursday, Oct. 1, is the session that changes who owns the stock.

The Week’s Real Date Is Oct. 1

Eight of the twelve names print on Thursday. Four of those eight are ordinary cash payouts. The other four are a bonus, a rights issue that asks holders for new money, a court-sanctioned demerger, and a trading halt tied to a resolution plan.

THE EX-DATE CALENDAR

1. Monday, Sept. 28: Aastha Spintex Ltd goes ex-bonus for a 1:1 issue.
2. Tuesday, Sept. 29: Leo Dryfruits & Spices Trading Ltd goes ex-dividend for a final ₹0.5 a share.
3. Wednesday, Sept. 30: SAIL goes ex-dividend for ₹2.35, and Saraswati Saree Depot Ltd goes ex for an interim ₹3.
4. Thursday, Oct. 1: Indraprastha Gas Ltd, R Systems International Ltd, Goenka Business & Finance Ltd and Sainik Finance & Industries Ltd go ex-dividend; Maestros Electronics & Telecommunications Systems Ltd goes ex-bonus 1:1; Natco Pharma Ltd goes ex-rights; K M Sugar Mills Ltd goes ex-spin-off; Rajeswari Infrastructure Ltd goes ex for a resolution-plan capital cut, with dealings suspended.
5. Friday, Oct. 2: KM Sugar’s record date for allotment of KM Spirits and Allied Industries Ltd shares.

Monday’s bonus is a float split, not a cheque. Tuesday’s ₹0.5 is a rounding error on most portfolios. The names that fill stock lists sit on Wednesday and Thursday. So do the filings that rewrite the register.

Natco’s ₹1,279.35 Crore Call on Shareholders

Natco’s board, meeting on Friday, Sept. 25, from 10:30 a.m. to 11:00 a.m., priced a rights issue of 1,70,58,082 equity shares at ₹750 each, including a premium of ₹748 on a ₹2 face value. Full take-up raises ₹1,279.35 crore, or ₹12,79,35,61,500. Eligible holders receive 2 rights shares for every 21 held on the Oct. 1 record date.

That is a cash call, not a payout. Screener’s rights table listed the stock at ₹839.30, an 11% gap to the issue price. Shares outstanding rise from 17,91,09,870 to 19,61,67,952 if the issue is fully subscribed. BSE and NSE had given in-principle approval on Sept. 21. The rights entitlement ISIN is INE987B20018.

THE NATCO RIGHTS TERMS

• Issue window: The offer opens Monday, Oct. 12, and closes Thursday, Oct. 22.
• Renunciation: On-market sales of rights entitlements run from Oct. 12 to Friday, Oct. 16.
• Fractions: Odd lots below 21 shares, or not in multiples of 21, have the fraction ignored.
• Small holdings: Holders of fewer than 21 shares get zero entitlement, may apply for additional shares, and cannot renounce.

Other terms, including the letter of offer, are still to be filed. Until that document lands, the only hard facts are the price, the ratio, the dates and the size of the cheque the company wants from its own register.

How the KM Sugar Distillery Demerger Works

K M Sugar Mills is taking its distillery out of the sugar company and listing it. The resulting vehicle is KM Spirits and Allied Industries Ltd, now a wholly owned subsidiary. Holders on the record date receive one KM Spirits share for every five KM Sugar shares they own. The new share has a face value of ₹10; KM Sugar’s face value is ₹2.

The board first approved the scheme on Aug. 7, 2025. The appointed date is April 1, 2026. The National Company Law Tribunal, Allahabad Bench, sanctioned the scheme on Aug. 19, 2026, and a certified copy reached the company on Sept. 14. On Sept. 19 the board set Thursday, Oct. 1, as the effective date, the day the order is filed with the Registrar of Companies, and Friday, Oct. 2, as the record date for the new allotment. KM Spirits shares are meant to list on NSE and BSE once the remaining approvals clear.

The sugar mill stays listed. The still becomes a second listed line. Anyone on the register on Oct. 2 holds both, in the 1-for-5 ratio, without writing a cheque. Anyone who sells KM Sugar before the ex-spin-off date keeps only the cash from that sale.

Rajeswari Public Stock Shrinks 50 to 1

Rajeswari Infrastructure is the name on the same Thursday that does not pay anyone. BSE notice 20260925-48, dated Sept. 25, tells members to stand aside from the scrip (code 526823) from Oct. 1, settlement DR-727/2026-2027, while a Chennai NCLT resolution plan is written into the capital.

Trading Members are advised not to deal in the Equity Shares of the Company

Marian Dsouza, Assistant Vice President, BSE listing notice, Sept. 25, 2026

The tribunal approved the plan on Jan. 13, 2026. The successful resolution applicant is Guruswamy Ramamurthy. The Insolvency and Bankruptcy Board of India order records a resolution plan valued at ₹12.69 crore. CIRP had been running since May 10, 2023. The stock last printed around ₹4.41, with a market value of ₹1.99 crore.

THE CAPITAL CUT

• Promoters: Every promoter and promoter-group share is extinguished, and the plan says no payment is made on those shares.
• Public face value: The 2,658,182 public shares are not cancelled; face value falls from ₹10 to ₹0.20, and the matching capital falls from ₹2,65,81,820 to ₹5,31,640.
• Net exchange: After consolidation back to a ₹10 face value, public holders receive 1 new share for every 50 old ones, or 53,164 new shares if no fractions arise. The old ISIN is cancelled.

A public holder of 50 shares ends the week with one new share and no cash. A promoter ends it with none. That is the opposite of a dividend, printed on the same ex-date tape as IGL and R Systems.

SAIL, IGL and the Cash That Clears

The cash names are still the ones most holders will notice, because they do not have to do anything except sit on the register. SAIL’s board recommended ₹2.35 on May 15, equal to 23.50% of the ₹10 face value, and fixed a record date of Sept. 30 when it called the 54th annual meeting for Thursday, Sept. 24, at 10:30 a.m. Payment, subject to tax deducted at source, is due within 30 days of shareholder approval. Last year’s final was ₹1.60, so this cheque is ₹0.75 higher.

IGL’s final is ₹1.50 on a ₹2 face value. The board recommended it on May 18. Shareholders approved it at the annual meeting on Sept. 24, and the record date is Oct. 1. The company had already paid an interim of ₹3.25, which takes the FY26 total to ₹4.75. R Systems declared a second interim dividend of ₹8 after a board meeting on Sept. 25 that ran from 6:35 p.m. to 7:11 p.m. That is 800% of the ₹1 face value, due on or before Oct. 24. An earlier interim of ₹6, announced March 6 with a March 12 record date, takes 2026 interims so far to ₹14. The board also declared a 0.0001% dividend on optionally convertible redeemable preference shares of ₹1 face value, and named Gurprit Singh as company secretary from Sept. 25.

PAYOUTS AGAINST FRIDAY’S CLOSES

On these Friday closes, R Systems is the cash event that actually moves the yield. SAIL’s 1.27% is the Maharatna headline. IGL’s 1.03% on this final sits under a 3.28% figure if the earlier ₹3.25 is counted in. R Systems’ two 2026 interims together are 5.94% on ₹235.70. Ex-date buyers do not receive the cash; the price usually drops by about the dividend on the morning the stock turns ex.

THE SMALLER CHEQUES

• Leo Dryfruits: Final ₹0.5, ex-date Tuesday, Sept. 29.
• Saraswati Saree Depot: Interim ₹3, ex-date Wednesday, Sept. 30.
• Goenka Business & Finance: Final ₹0.5, ex-date Thursday, Oct. 1.
• Sainik Finance & Industries: Interim ₹0.5, ex-date Thursday, Oct. 1.

Those four do not change the Thursday story. They do pad the dividend count that keeps the week labelled as an income calendar.

Two Bonus Issues Double the Share Count

Aastha Spintex’s 1:1 bonus uses Monday, Sept. 28, as the record date. The company will issue 4,41,42,190 new shares of ₹10 face value. Deemed allotment is Tuesday, Sept. 29. Trading in the new shares is scheduled from Wednesday, Sept. 30, the same morning SAIL goes ex-dividend. A 1:1 bonus doubles the count and halves the quoted price, all else equal; it does not put rupees in a bank account.

Maestros Electronics & Telecommunications Systems uses Thursday, Oct. 1, as both ex-bonus and record date. Shareholders at the annual meeting on Sept. 23 approved 55,10,237 new shares, one for each share already held, drawn from retained earnings of ₹5,51,02,370. Those shares are due to be credited on or before Oct. 23. The firm also raised authorised capital to ₹15 crore at that meeting.

Bonus holders who want the extra shares must be on the register before the ex-date, under T+1 settlement. Buying on the ex-date is too late. The same rule governs every dividend, the Natco rights, the KM Sugar allotment and the Rajeswari cut. The difference is what lands after the date: a smaller cheque, a larger float, a bill for ₹750 a share, a second listed stock, or one new share in fifty and a halt in dealing.

Aastha’s new shares are due on the tape on Wednesday, Sept. 30. Thursday then opens with IGL, R Systems, Natco, KM Sugar and Rajeswari all going ex at once, and only two of those five are paying cash.

Disclaimer: This article is news reporting on declared corporate actions and exchange filings, and it is for information only. It is not investment advice, a recommendation to buy, sell or hold any security, or tax advice on dividends, rights subscriptions, bonus shares or insolvency reconstitutions. Readers should consult a SEBI-registered investment adviser or a qualified chartered accountant before acting on any ex-date, rights entitlement or capital-reduction timetable. Figures, yields, prices and statuses are taken from company filings, exchange notices and market prints cited above and can change as later documents, including Natco’s letter of offer, are filed and as trading continues.