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All of those who have participated in TCS buyback

anyone hedging their bets(by selling TCS March futures, today it was available at around 3804, on monday i believe one might get around 3850 even because it's the last day and many will buy shares on 21)

I have Tcs in 5 demat & now I want to hedge shares that will be free after buyback. Since I have never done option selling, so I have few queries.
Planning to Sell 3800CE March having premium around Rs. 125 (Margin required Rs. 1.20 lakh)
Scenario 1- If on Expiry TCS remains below Rs. 3800 so the premium will be Rs. 0 on expiry. How Will I earn, Whether I need to take any trade or amount will be auto-adjusted on expiry
Scenario 2- If on Expiry TCC remains between Rs. 3800-Rs. 3925, Say Rs. 3860 So I am expected to earn 65*150= Rs. 9750. What will happen If I don’t take any other trade till expiry.