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is anyone sure of this info
promoters are not participating in this tender offer and therefore 22 lakh shares will be accepted out of 94 lakhs(approx) ( healthy 24% ER, 30-40% AR)

I know and understand the AR point Kama ji

I am wondering how ER was just 15% when as per our calculations it shoudl have been 25%

22 lakh shares will be accepted out of 94 lakhs(approx)
No of shares are constant(94 lakh)
total shares to be accepted is also constant(22 lakh)

so min ER should have been 25%

What am i missing here

Aaashish ji,
If I am not wrong, you have wrongly arrived at the total number of shares held as approximately 94 lakhs ( I think after excluding the holdings of the promoters ).But you are taking in to account the total number of shares considered for the buyback i.e., approximately 22 lakhs( This includes the holdings of other than the small share holders ). That may be the possible reason for your arriving at 25% which is not in order. I have tried my best to explain. However, I welcome the readers, who can explain it in a better way, to elaborately explain what he misses. Thank you.