As per my calculations, buyback ratio acceptance ratio shall be around 45% for retail investors and around 6% for other categories, provided promoters do not participate.
I am expecting an increase in number of small shareholders by around 2 times against given in the 2017 annual reports.
Number of shares with retail/small shareholders as per AR is around 13.5 lacs, in my calculation I have assumed a number of 40 lacs. I am also assuming 100% tender, as difference between current price and buyback price is very high.
Buyback Value = 424 cr
Reserved for small share holder = 15%
No. of shares to be cancelled for small shareholder = 424*.15/350 = 18.17 lacs.
Acceptance Ratio = 18.17/40 = 45% approx.
The acceptance ratio can change ofcourse, if more people try to participate via retail route.
Disc: Not Invested and not planning to invest.