REs (Rights Entitlement) in themselves do not mean you hold rights shares. The rights shares need to be applied for by the issue closing date. As per the SEBI mandate, if you neither subscribe (apply) for rights shares or sell the REs in the secondary market, these rights will be extinguished after the closing date.
To know more about Rights Issue, get the SEBI FAQs here, NSE FAQs here and BSE FAQs here.