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ER 14% on 0.60cr shares through retail buyback means about 4.3cr shares (1.16% of total shares) are held by retail shareholders on record date.
Now AR depends on how many out of these 4.3cr shares will be tendered by 23Mar. I think many investors will sell non-entitled shares in open market if share price doesn’t cross 3,700 by 23Mar, as there will be further downward pressure after tender period close.