I think there will be no difference of opinion here for calculating XD, XB, XR, XDXB and XDXR rates. What bothers me is XBXR and XDXBXR.
In my opinion for XBXR, the impact of bonus and right shares shall be calculated individually and then total of both impacts shall be deducted from the closing price to get XBXR.
In contrast there is another opinion which says that XBXR shall be calculated jointly
e.g. As a test case we have CP=Rs.100, B=20%, R=10% @ Rs50
bonus impact = (100 x 0.2)/1.2 = 16.67
Right impact = ((100 - 50) x 0.1)/1.1 = 4.55
Total impact = 16.67 + 4.55 = 21.22
XBXR = 100 - 21.22 = 78.78
XBXR = (100 + (50x0.1))/1.3 = 80.77
Now my argument here is that when the second method is used, we face two anomalies
1. We are infact under stating the overall net effect in second method as compared to the first method
2. We can not bifurcate the overall net effect into bonus impact and right shares impact.
Now please discuss why we use second method in KSE instead of first method.