Buyback is very likely to get approved as insider hold more than 50% shares. Fairfax India which holds nearly 26% of IIFL securities valued cost their stake around Rs. 84 after demerger. Immediately after demerger around September there was decent buying from insider around price of Rs. 25 and then again in Nov 2019.
I am surprise to see hardly any price movement in the stock but may be it will start moving after buyback is approved and actually executed. As per NSE website free float is only 530 cr. so buyback of 90 cr. likely to have impact on the price.