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TCS buyback:-

23.5.3. As defined in Regulation 2(1)(la) of the Buyback Regulations, a “Small Shareholder” is a Shareholder
who holds Equity Shares having market value, on the basis of the closing price on February 23, 2022,
i.e., the Record Date, of not more than ₹200,000 (Rupees Two Lakh only). As on the Record Date,
the closing price on NSE, being the Recognized Stock Exchange having the highest trading volume,
was ₹ 3,750(maximum possible)per Equity Share. Accordingly, all Eligible Shareholders holding not more than 53
Equity Shares as on the Record Date are classified as ‘Small Shareholders’ for the purpose of the buyback offer.

As per this extract, closing price on record date 23rd. How can they decide at 3750 price "was" when the share trading now is in progress with exchange open? Highest trading volume & closing price will be known only today EOD.

Exactly!!
So confusing..