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The record date is the date, on which, you must have the shares of the company in your Demat Account to be eligible to apply for the right issue. Record date is fixed at 10-15 days before the right issue opening date.
However, if you are an existing shareholder on the record date but don’t want to buy additional right shares then you have an option to transfer or renounce your right entitlement in favor of other individual at a better price. The on-market renunciation can be done till the last date of renunciation that generally closes 3-4 days before the issue closure date. However, off-market renunciation can be done till the right issue closing date.
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