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Sir,
Though it is correct, it is suggested to tender the maximum possible shares held on the Record Date to get the maximum benefit as AR is likely to be more than the ER due to non tendering of all the/some of the shares by the investors due to their own reasons. Thank you.

Thanks @KSRK Sir.... i will follow your advice. Hope for the best in combination of profit and learning.

@Coldburger
Your point is valid as ER is the minimum number of entitlement.
But what will happen if you tender 1000 shares?

AR = ER +additional ratio, ER is constant so additional ratio will matter
Suppose here additional ratio is 60% and you tender all 1000 shares, then number accepted will be 450 +60%×(1000-450)
=450+330=780
So overall AR stands at 78%
So in case of buyback tendering all shares is advisable.

@Asok Sarkar - In current market sell-off condition tendering all to buyback seems better. Thanks for your suggestion. Very unlikely it will cross 185 level which can give good profit in open sell. @KSRK sir is also in favour of tendering all. I do get confused sometimes mainly due to market volatility. Not sure which approch will yield better profit. So let go for tender all. Better for mental peace with no burden to track price every hour

@ Ashok asarkar, @ksrk ji- My only concern here is what if most investors take same approach and tender instead of open market sell? That will result in AR not exceeding 30% at max.? If that is true then my concern is genuine.. right? Most probably the tender offer window will face bearish market.

@Coldburger
Moil is fundamentally a very strong company. It is undervalued because it is a psu.
It is a big buyback of about 14.23%.Recently a trend is visible for buying by the retailers only for participating in Buyback ,the extent of which is not yet clear. But it will certainly reduce the AR. Here guess work will not do as because the picture will be clear only after the tendering process is concluded. In some earlier cases , in the same situation, I have enjoyed 80 to 100% AR. So a big AR can not be ruled out. So wait with patience .
In this connection, take note of it that consequent upon buyback, the unacceped shares will carry an extra weight of 15% .
Thanks

@Asoke Sarkar @lokes Could you please help me to understand 15% extra weightage stuff?

@Pigeon - I too had same question but i understood that 15% as the reduction of 15% shares from market. But still have one question- If those 15% extra shares are with the company then how it affects the value of remaining 85% of the equity? will those 15% shares cease to exist post buyback?

Post buyback 15% shares will be "extinguished".

@ pigeon and @ Coldburger
Company will buyback 14.23% share and money will come from the reserve of the company. So this shares will no longer exist.
Suppose , the company had 100 shares in all .Post buyback the number will be 85.77. Earlier one share represented 1/100 of the company, Now it will ccarry 1/85.77 of the company.So post buyback weight of the share will be 100 ÷ 85.77 that means that the weight will increase by 16.6%.
Thanks