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I am adding some points for taking decision in this matter.
1. Last year it was a 2.5% buyback, this year it is 1.28%
2. Last year ER was 71 out of 773 (9.18%) in retail, 4 out of 297 in general.
3. So this year ER is expected to be below 5 % taking the same number of retailers.
4.Moreover, craze for participation in buyback found this year and the tax aspirants may further decrease it.
5.Last year AR was 100% as the price got near the buyback price(last year price appreciation was 12% , this year about 24%).This year AR may be in the range of 20% because of more participation .
6.Break even point for 20% AR is 150 assuming that unaccepted shares will not breach 140.
7. The company has given Rs 5 dividend some 18 days ago (before announcement of buyback )which should also be calculated.
8.psu shares are in flavour , Gas price hike have some action.
9.Buying in tranches may not be a good option here.
10. Buying below 150 as much as possible is a good option. Putting preemptive buy bid at the desired level is a good option .mila to mila, nehi to nehi.
11. I don't want to dispirit anybody but high hope can backfire.

Ashoke Sarkar ji,
Thank you very much for your kind analysis. I wholeheartedly appreciate your study. I have purchased at a higher rate of Rs. 155.20 with a positive outlook. Let us wait and see. All the best, Sir.

Thanks sir,for your detailed & informative analysis