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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%

General category bids are usually less than 50k and even if we consider high number of bids in this buyback it won’t cross 1.35Lk, so small investor applications will be more than 10Lk. Average holding will be 20-25 shares per application. Again this is leading us to the same 25-30% AR 😀

Thank you Sandy for the clarification!