How is the buyback price arrived to be eligible for the Retail category in buyback?

The share price to calculate the maximum number of shares to be eligible under the reserved retail category is the closing price of the stock of that stock exchange, which has the highest trading volume of that particular stock as on Record Date.

For TCS Feb 2022 Buyback, the record date was 23 February 2022. The TCS shares was closed on record date at NSE at Rs 3,563.80 (trade volume 24,26,203) and BSE at 3,565.30 (trade volume 2,09,000). Thus, the price of Rs 3,563.80 is considered to calculate the maximum number of shares to be eligible under the small shareholder or retail category. In this case, the maximum number of shares that qualify as a Small Shareholder as on Record Date is 56 shares.