As expected, due to heavy submission in buyback, small shareholders got a poor acceptance ratio of 15.5%. Those who purchased 800~900 shares at 190 to 200 are in big loss at balance shares quoting at 166.
Entitlement ratio for small shareholder category is 102 for 919 shares @ 11.10. Acceptance ratio is not percentage of acceptance versus tendered shares. This can vary from shareholder to shareholder depending on number of shares tendered. For eg, if 102 shares are tendered subject to holding 919 on record date, his acceptance will is 100% !
Having tendered 300 shares and with 141 accepted AR turned out to be 47%. Acceptance was higher at 47% as shares held on record date was 900. (Rest sold in market post record date) Real acceptance rate for shareholder as on record date is 141/900 + 15.5% approximate. It is higher than ER11.10 % due to some shareholders not tendering.
If it was 29.5% only 90 out of 300 should have been accepted. Alternatively those tendering should have got 270 accepted. If that has been the case, do clarify 29.5% with reference to share held on record date not tendered.
Yes. Do read 2.2 above with complete details. If number of shares held on record date is the criteria, (which in this case was 900 coming under small shareholders category as per the offer document) , then at least 235 or more out of 300 tendered should have been accepted. This means AR is neither linked to shares on record date nor number of shares tenders, seems combination of both. So AR varied from individual to individual in same category.
If more shareholders share their details like holding on record date, shares tendered & accepted , we could try know this better. But, since the time buy back section started on big demand from main board, no one even visits these sections!