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Shares are not credited, the Rights entitlement (RE) is credited as of now. Which means either you can sell the RE today and book profits which will be 25% of (CMP - 1257) per RE this is only available for next couple of days. or subscribe to the RE by paying 25% of the applied amount today.

Post allotment It will be a seperate ISIN trading in market eg Reliance and Reliance PP. you can trade in both. at respective prices. once the Partly paid rights issue becomes fully paid next year. Reliance PP ISIN with merge into reliance ISIN