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"Tata Sons holds about 266.91 crore shares in the company and it intends to tender 2.88 crore shares for the buyback, while TICL, which holds 10,23,685 shares, offered to tender 11,055 shares."

Based above news AR will be very less and seems not beneficial to pursue buyback. I will look for appreciation upto 4200 and exit all. Bought 22 today also by exiting IRCTC which trumped me again by closing higher ,😣😣😣

ER will be less, no doubt
normally shares of IT companies(safe bet) inches towards buyback price so therefore the chances of loss is very slim

If price stays below 4100-4200 then a slight probability of loss only for those who would be buying at higher levels

30-40% acceptance ratio will anyhow be there and chances of tcs going down by 15% from current levels is minimal( improbable)

so no major risk
As per my opinion even in worse case scenario of price hovering around 4000 levels and low AR

@Cold Burger
I understand that 15% of total buyback is reserved for Retailers with please than 2L worth shares.

Will the response to rest 85% make any change in AR of 15% ?