Karnataka Bank rights issue

#1
Hello all!!

Karnataka Bank has announced rights issue 1:2 for Rs 70 per share. Current market price ~140

Plan : (courtesy Economic times)
Buy 4000 shares @ cmp
Sell 1 lot futures @ cmp
Apply for rights
At expiry square off everything.

Problem :
=>Bank has not said anything about record date. Ie the date at which whoever is holding shares are eligible for applying for rights.
?? Should I wait for the record date to be announced OR go ahead with my strategy??

=> how long does it take to get the rights shares in our account. Ie for this whole process to be over.
?? Should I short Sep futures OR Aug??

Please share your thoughts.
Thanks in advance.
 

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