When does the shares tendered for buyback unlocked?

The shares tendered in a buyback have to be transferred offline to the issuer company's Escrow Demat Account. The shares that are not accepted in buyback are usually returned after 2 weeks from the offer closing date.

Example:

Max India Limited Buyback Offer in Aug 2022

• Buyback offer open date: August 5, 2022
• Buyback offer close date: August 23, 2022
• Say if you tendered the shares on August 10, 2022
• Fund from buyback received on: Sept 5, 2022
• Remaining shares received: Sept 2, 2022