Hi,
Before speculating into promoter’s plans of delisting the company, we should atleast make coherent statements. If buyback price is not attractive and only promoters tender their shares, then promoter shareholding will go down (and not up). This is not the first time its happening in a company, I was involved in a buyback in Nalco in 2021 where buyback price was actually lower than CMP and government majorly tendered their stake. What happened after that? Government’s stake went down (and not up).
Also, about your comments about some secret delisting ballots, its not how delisting works. The reverse book building process is completely transparent, where you can actually see (in real time) how many shares are getting tendered along with the tender price. So I would request not to speculate, unless there are reasonable grounds for the same.
Disclosure: Invested (position size here, no transactions in last-30 days)