What it is
To receive new shares in a capital increase you must be a shareholder on the record date. On the ex-rights date the exchange lowers the base price to reflect the added shares.
When
Because trades settle T+2, the ex-rights date is usually one business day before the record date. Buy by the day before it to receive new shares.
What to keep in mind
The lower price is not a loss — it reflects more shares. Compare market cap before and after rather than the per-share price.
This explanation is general information, not investment advice. Rules reflect September 2026 and may change; check official exchange and broker notices.