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Need some help in understanding the definition of a retail investor for the purposes of a buyback.
A retail investor is someone who has shares of value < INR 200,000.

But what is the price applicable? Is it the offer price? If it is the market price, then on what date? Is it the closing price, or vwap price? On what exchange?

I play it safe, I assume the price is 5% more then the offer price, and then buy. By this logic, I should've bought 929, but rounded down to 900.

But I guess I could buy more, safely.

Help from experts appreciated.

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 ₹ 200,000/- (Rupees two hundred thousand 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 as on the Record Date are classified as ‘Small Shareholders’for the purpose of the Buyback Offer…..
Hope it is clear now…. Thank you.