If there occur any change in the numerator of the index formula due to the events listed below, the divisor of the index will also be adjusted to ensure continuity in the index value.

The adjusted divisor of the indices is calculated using the following formula:

Events which require adjustment in the divisor of the index and the timing of the adjustments

With respect to types of activities which require adjustment to the indices based on the public disclosures of the companies, the company should have delivered the statement to the Public Disclosure Platform (PDP) until 16:30 (or 12:00 if a half day) on the day that precedes the realization date of such activity. Otherwise, the relevant adjustment will be made effective on the second business day that succeeds the delivery of the statement to PDP.

A list which shows the relevant adjustments that will be implemented on the next business day is finalized by 16:30 every day, and announced on the PDP and the Turkish and English versions of the ISE website.  

All adjustments other than cash dividend payment are made both in the price and in the return indices.

 
• Cash dividend payment

The adjustment is only made in the return indices taking into account the net dividend amount to be effective on the ex-dividend date.

• Capital increase in cash through rights offering

- If both the most recent weighted average price and the adjusted price (in case of dividend and bonus issue) of the stock are higher than the subscription price; the adjustment is made to be effective on the rights issue date.
- If the most recent weighted average price and/or the adjusted price (in case of dividend and bonus issue) of the stock is lower than the subscription price; the adjustment is made to be effective on the business day that succeeds the day when the completion of the capital increase process is notified to PDP, after the exercise of the rights issue and the sale of the remaining shares on the Primary Market.

• Capital increase in cash without rights offering

Adjustment is made to be effective on the business day that succeeds the ending date of the sales transaction.

• Inclusion of new stocks in indices

Adjustment is made to be effective on the day the new stock is added to the index.

• Exclusion of stocks from indices

Adjustment is made to be effective on the day the stock is excluded from the index.

• Change in the rate of shares outstanding

Adjustment is made on a periodic basis.
However, the rates of shares outstanding that are announced by CRA will be monitored on a weekly basis for the magnitude of the changes which occur for a reason other than the capital increase process. 
If ratio of shares outstanding;
- is equal to 50% or lower and there is a change at the rate equal to 5 points or higher;
- is higher than 50% and there is a change at the rate equal to 10 points or higher;
adjustment is made to be effective on the second business day that succeeds the announcement of CRA. If it is deemed necessary, adjustments can be made without waiting for the periodic announcement of CRA and/or in case of changes which are lower than the rates mentioned above, with the decision of the ISE Management.

• Company mergers

Adjustment is made to be effective on the date of the distribution of shares which are issued due to the merger. 

• Company Spin-Off

Adjustment is made to be effective on the date of the distribution of shares which are issued due to the spin-off.  

Retroactive correction in the calculated index values

No retroactive correction is made in the index values which have been calculated and announced in real time. Retroactive correction in the index values which have been calculated and announced at the end of sessions can only be permitted with the decision of the ISE Management.