@shahsd , your statement "AR will be always greater than ER" is not correct.
"AR will always be greater than equal to ER".
Let me explain you how the process works.
1. Firstly, shares will be accepted as per the ER from all the participants.
2. Small shareholders who have been sent "0 ER" forms, will now be considered and 1 share will be accepted from them (This is where single share players get preference).
3. Now - after step 1,2 if there are any more shares left to be accepted then it will be divided proportionately in the participants from step-1 (This is where the final AR increases and is usually more than ER).
Now - for you to reach step-3 (where AR > ER), All single shares should be accepted.
Hence, I said as AR > ER in TCS - all single shares were accepted.