Subscription right (Bezugsrecht)
The right of existing shareholders to buy new shares in a capital increase in proportion to their stake.
In short
As of 8 October 2026A subscription right is the right of existing shareholders to buy new shares in a capital increase in proportion to their stake, so they are not diluted. You can exercise it, sell it on the exchange, or let it lapse, in which case the bank usually sells it for you. The general meeting can exclude the right in certain cases.
When a company issues new shares in a capital increase, existing shareholders get first access. That lets them keep their stake in the company. It is set out in § 186 AktG. The general meeting can exclude the right, for example for small capital increases close to the market price.
You have three options: exercise the rights and buy new shares, sell them on the exchange during the subscription period, or do nothing. In that case the bank usually sells them for you on the last trading day. Your bank will tell you the deadline, often only about two weeks.
Example: subscription ratio 10:1. With 100 shares you may buy 10 new ones at the subscription price. How meetings decide this is covered under annual general meeting and in what is a stock?
Related terms
Sources
As of 8 October 2026 · Educational content, not investment or tax advice.