Holders of NVL subscription rights have just been given 28 more days. According to a Novaland board resolution published on the evening of October 19, the deadline to register and pay for new shares now falls on November 26, 2026, replacing the earlier October 29 date.CafeF The deadline to transfer rights has moved too, from October 26 to November 23, 2026.Người Quan Sát
The start date is unchanged: exercise of the rights still runs from October 8, 2026.Người Quan Sát The reason Novaland gave in the resolution is to make it easier for shareholders to exercise their rights as required; the company offered no other explanation.CafeF Put simply, the task is the same and there is more time to do it. What follows walks through the new calendar: what you can do in each window, what each choice leaves in your account, and why the timing of cash reaching Novaland's bondholders shifts too.
What the current offering is
Novaland is offering up to nearly 800.7 million shares to existing shareholders.Người Quan Sát The State Securities Commission issued the offering registration certificate on September 14, 2026.Mekong ASEAN The offer price is VND 10,000 per share, at a 3:1 ratio.CafeF
Here is how the entitlement works. On the record date of October 1, 2026, each NVL share registered to a shareholder received one right, and every three rights allow the purchase of one new share.CafeF The number of shares is rounded down to a whole unit and any fraction is cancelled.Mekong ASEAN
Take an account holding 1,000 NVL shares on the October 1 record date. It has 1,000 rights. Divided by three, that is 333.3, rounded down to 333 new shares. Buying them all costs 333 × VND 10,000, or VND 3,330,000, and the 0.3 fraction cannot be purchased. Shares bought in this offering carry no transfer restriction, so once additionally listed they trade like existing NVL shares.Người Quan Sát
October 8 to November 23: two things you can do with the rights
During this window, a rights holder has two ways to use them.
Register and pay for new shares. This is done through the brokerage where your NVL shares are held. You can buy the full allowance or only part of it. In the example above, the maximum is 333 new shares, costing VND 3,330,000.
Transfer the rights to someone else. Under the plan announced on September 21, rights can be transferred only once, and the recipient cannot pass them on to a third party.Mekong ASEAN The transfer price is negotiated between the two sides, and the paperwork goes through each party's brokerage. The buyer must register and pay before the November 26 deadline, or the rights they just bought expire as well.
The transfer deadline is November 23, 2026.CafeF A buyer who receives rights right at that deadline has only three days, November 23 to 26, to complete registration and payment.
November 23 to 26: only payment remains
After November 23, rights can no longer be transferred. Whoever holds them, an original shareholder or someone who bought them, has a single task left: register and pay by November 26, 2026 at the latest.Người Quan Sát
Brokerages usually set their own cutoff earlier than the issuer's deadline so they can submit the lists in time. Ask your broker for the exact cutoff, because November 26 is Novaland's deadline and not necessarily the one on your trading app.
After November 26: what happens to unused rights
Rights that are not registered or paid for by the deadline lapse. The NVL shares already in your account stay the same, but your percentage stake in Novaland falls because the total share count rises. Novaland's charter capital before the offering was over VND 24,020 billion, equal to roughly 2.4 billion shares.CafeF If the offering sells out, charter capital rises to about VND 32,027 billion.Mekong ASEAN
In that case, a shareholder who keeps 1,000 shares sees their stake fall by about a quarter compared with before the offering. Someone who buys the full 333 new shares keeps a stake close to the original.
Shares that shareholders do not subscribe to do not disappear. Under the plan, Novaland's board may distribute them to other investors at no less than VND 10,000 per share, on terms no more favourable than those given to existing shareholders.Mekong ASEAN Those redistributed shares are subject to a one-year transfer restriction from the offering's end date.
Summing up each choice, using the 1,000-share example:
- Register and pay in full before November 26: pay VND 3,330,000, receive 333 new shares, stake stays roughly the same.
- Transfer the rights before November 23: receive cash at the price agreed with the buyer, shares stay at 1,000, and the stake dilutes just as if you had let the rights lapse.
- Let the rights lapse after November 26: pay nothing, receive nothing for the rights, shares stay at 1,000, and the stake falls by about a quarter if the offering sells out.
This post does not judge which choice is better. Each depends on spare cash, the weight of NVL in your portfolio and how you view the company. For reference, NVL closed at VND 10,750 on October 19.
The company side: where nearly VND 8,007 billion goes
If the offering sells out, Novaland expects to raise nearly VND 8,007 billion, most of it earmarked for bonds:CafeF
- Over VND 5,953 billion to repay part or all of the principal on 13 bond issues by Novaland itself, depending on agreements with bondholders.
- Over VND 916 billion contributed to Nova Saigon Royal so the subsidiary can repay principal on bond NSRCH2223001.
- Over VND 1,137 billion invested in No Va Thao Dien to repay principal on bond NTDCH2227001.
Under the plan, these payments are expected between Q4 2026 and Q1 2027.CafeF Novaland also said the timing and amount of disbursement for each purpose may be adjusted depending on actual conditions, market developments and progress in arrangements with bondholders.
What changed after the October 19 resolution is the timing of the cash. Share proceeds are only fully collected once registration and payment close, now November 26 instead of October 29. The money for holders of Novaland's 13 bond issues, plus the two issues at Nova Saigon Royal and No Va Thao Dien, can therefore only arrive in full after November 26. The Q4 2026 to Q1 2027 window still stands, but the early part of Q4 has passed with the collection still open.
How much Novaland actually collects out of the VND 8,007 billion depends on how many shares shareholders really subscribe for. That figure will emerge when the company reports the offering results after November 26, along with any remaining shares the board places with other investors.
Where this offering sits in the capital-raising plan
This is one of three capital-raising plans shareholders approved. The other two are a private placement of up to 800 million shares to no more than 20 professional securities investors, and an issue of over 111 million shares to employees in 2026.CafeF
The offering to existing shareholders is the one now running. Its result, meaning the shares subscribed and the cash actually collected, is the first data point showing how far Novaland's plan to use shareholder capital to repay bonds will go.
Dates to note
- November 23, 2026: last day to transfer rights. Rights can be transferred only once.
- November 26, 2026: last day to register and pay, VND 10,000 per new share. Your broker's cutoff may be earlier.
- After November 26: Novaland reports the offering results. The number of shares actually subscribed shows how much cash bondholders can expect from this round.