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Can someone check my analysis and validate. It looks like a super arbitrage opportunity.

Total shares      = 29040724
Promoters      = 19627866
Non promoters      = 9412683
Promoters willing to tender      = 107926
Total possible Tender shares      = 9520609 (Non promoters+promoters willing to tender)

For retail

Total buyback shares= 22,67,000      
Retail quota= 3,40,050 (15%)      
Total potential retail shareholders=      53,27,000
Acceptance Possibility (Retail quota/total potential retail shareholders)= 6%
            
For non Retail

Non Retail buyback shares (22,67,000-3,40,050)= 19,26,950      
Total potential non retail shareholders willing to tender= 41,93,609      
Acceptance Possibility = 46%

46% AR is if all the non-retail is participating. In reality it should be much much higher.
Current arbitrage is 18% ( buyback price= 700 CMP= 590)

@vishal: Shareholders means person holding shares. So can you just re-think on what you are writing:

you have mentioned this in your first para :
Non promoters = 9412683 (means 94 lakh shares with non promoters)

And then you mentioned: Total potential retail shareholders= 53,27,000
means 53 lakh retail shareholders, even if one person holding 2 shares then it would become more than 1 crore shares with retailers and total shares available with non promoters are only 94 lakhs which are for everyone (FII/QIB/retailers etc) so you can just think again logically now. Also you mentioned:

Total buyback shares= 22,67,000
Retail quota= 3,40,050 (15%)
Total potential retail shareholders= 53,27,000
Acceptance Possibility (Retail quota/total potential retail shareholders)= 6%

so why you are dividing no. of shares from shareholders here to get acceptance possibility ? what can't of divide is this. so think before you post.

And even in the link which you shared , cant you see clearly what is mentioned there:
For Individual share capital upto Rs. 2 Lacs :
No. of shareholder : 39698
No. of fully paid up equity shares held : 5327032

Hope you will realize your mistake now.