Shares of Intellect Design Arena will turn ex-rights on Monday. It will issue five shares for every 22 shares held by existing shareholders. The Chennai-based demerged firm from Polaris Financial Technology plans to raise ₹199 crore through the issue. The board has fixed the rights issue price at ₹86. For investors wishing to participate in the issue, Friday is the cut-off date as the company fixed Tuesday as the record date.