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Sir,
As defined under Regulation 2(i)(n) of the Buyback Regulations, a “Small Shareholder” is a Shareholder who holds Equity Shares whose market value, on the basis of closing price on Stock Exchanges as on Record Date, is not more than ₹ 2,00,000/- (Rupees two lakhs only). As on the Record Date, suppose the volume of Equity Shares traded on BSE was 1000 Equity shares and on NSE was 1500 Equity Shares. Accordingly, NSE, being the stock exchange with highest trading volume, the closing price was suppose ₹ 100 and hence all Shareholders holding not more than 2000 Equity Shares ( 2000x100) as on the Record Date are classified as ‘Small Shareholders’for the purpose of the Buyback Offer…..
Hope it is clear now…. Thank you.

Sir,
Please tender all the shares held on the Record Date. The number of shares held on the Record Date will be known from the mail received regarding intimation of the number of shares entitled for the buyback. Thank you.

@Kamma Sir, If someone tender more than Rs 2 lakh value shares as per closing price of record date, his application will fall under "General Category" not "Retail Category".
So, the acceptance ratio will be reduced significantly. That is why one should tender shares worth less than 2 lakh as on record date closing price.

@NforNandkishor: retail or general category is not decided based on Value of shares tendering during buyback period but it is decided based on value of shares held on record date....so you can't decide or change your category now :)
It is automatically decided based on shares held on record date. If you sell/add shares after record date then also you will be in same category as per shares held on record date. So if you want to be in general category in any buyback then you need to assure that your holding shares value don't cross 2 lakh on record date.