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Ou Ai ji,
If 1000 shares are held on the Record Date and ER is 2.5%, then even if only 25 shares are tendered for the Buyback, all the 25 shares will be accepted as they are entitled. As normally, AR will be more than ER or equal to the ER in worst case, I used to advise to tender all the shares held on the Record Date. Coming to L& T, many are believing that the share price in the open market will surpass the Buyback Price during the period of the Buyback. In such case, the entitled shares only can be tendered for the Buyback, hopefully looking forward for the increase in the market price of the share to the extent that it surpasses the Buyback price. I am of the opinion that the share price will continue to be on raise even some time after the buyback as it is a gem. So I will tender all the shares held on the Record Date. Thank you for giving me an opportunity to share my views. All the best to you.

KASK Ji
Thanks, it clears an important doubt. That was my understanding too that entitled number of shares will be accepted first from whatever quantity is submitted. Thereafter extra shares are accepted. So, one can offer up to entitlement for 100% acceptance in a way!