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Retail Investors are those who hold 27 Equity Shares held on the Record Date. As per Guidelines who hold 23 shares (Rs.2,00,000 divided by Price on record date which is Rs.8605.80) . How can they say 27 Equity Shares ? Can any body clarify please

Niranjan ji,
Price as on Record date was Rs.7909.35 not 8605.80

As defined in the Buyback Regulations, a “Small Shareholder” is an Eligible Shareholder who holds Equity Shares having market value, on the basis of closing price of shares on BSE or NSE, on which the highest trading volume in respect of the Equity Shares on the Record Date was recorded, of not more than ₹2,00,000 (Rupees Two Lakh Only). As on the Record Date, the closing price on NSE, having the highest trading volume, was ₹ 7,909.35 per Equity Share. Accordingly, all Eligible Shareholders holding not more than 25 (Twenty Five) Equity Shares as on the Record Date are classified as ‘Small Shareholders’ for the purpose of the Buyback.