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4.1cr shares were held by small investors on record date and about 15cr shares by above 2lk holding individuals, so it’ll be around 30-35% of 7.36cr total individual investors. Expecting 25-30% AR which falls into your upper range expectation. Anyways acceptance difference will be 0-3 shares depending on num of shares tendered by small investors.

Btw, why did you say net loss even when price stays in 3800-4000? I think it Will be in profit even if bought at 4000rs and 25% AR and selling rejected shares at 3800

As per buy back Prospectus of TCS Number of Small Shareholders is 21,10,826, Holding 4,10,51,350 Equity Shares.
Total Number of bids received - BSE 7,88,620 + NSE 346343 = 1134963, Even Assuming that all bids are from Small Shareholders ( which is not a fact ), only 53.77 % small shareholders have submitted bid.

So the Acceptance Ratio will be at least double of Entitlement of 15%. Means Acceptance Ratio will be at least 30%