Some messages on other site " *TCS Buyback Acceptance Ratio Announced* 13 Shares got accepted out of 50 in Retail, Unaccepted Shares will be released on 28 March. *Those who Participated through 1 Share has been Accepted of All Investors* Amount for accepted Shares will be received on the same date in Bank *END OF TCS BUYBACK* "
Just comparing MOIL buyback based on NSE data: Total shares for Retail - 50Lakhs Shares tendered in Individual category = 12 crores (Retail + General) ER - 19.6% AR - 65%
TCS so far: Total shares for Retail - 60 Lakhs Shares tendered in Individual category = 1.14crores (Retail + General) ER - 14% I was expecting 40% AR as per the above calculation..
I got confused after seeing msgs in this forum. Why is bse showing more number of bids since NSE always have more users.. Pls enlighten @lokes
@pigeon: it depends on brokers they via which exchange they are placing orders and many cdsl brokers like zerodha and others, place orders via BSE mainly so in BSE you are seeing more buyback tender order volumes. you need to see total BSE+NSE orders for buyback total orders. In tcs, AR can be around 30-40% in my opinion.
@ pigeon Primarily I expect that the AR will be about 30 % But taking the data submitted by you , I am tempted to extend it to 60% or above. Let us hope for the best.
@Asokeโฆwhat data by Pigeon made you to extend AR to 60%? ๐ค That 1.14cr num is just NSE, while BSE received bids for 6.22cr which is 85% of total tendered shares by individuals is missing
@sdz I have not verified data given by @ pigeon. It is a comparison based on nse data. Though these two are not comparable and we do not have any convincing approach to get a glimpse of the outcome, any guess may be far from the reality. However, the data of relative analysis has made me hopeful of a better ratio as it speaks of something in that direction.
yes shares can be sold even after placing buyback order, until they debit on last day of current buyback window (in tcs they are doing in tranches). buyback order will fail simply after selling shares in open market.
@Lokes.. when I tender my shares for buyback, I get NSDL message that x shares Blocked in your a/s XXXX for Buyback. How can I sell them before they are Un Blocked.
@avenue: after blocking (earmarked for debit), we cant sell them in open market. Only before that we can sell. Some brokers like zerodha don't earmark for debit soon after placing buyback order, they does that after last date of buyback normally (in other buybacks, in tcs, they did process in 2-3 tranches) , so after placing buyback order and before offer close, we can sell in zerodha. No much idea about other brokers. if they are blocking shares soon after placing buyback order, then we can't sell else we can.
@Avenue You are right. When the shares are blocked by Depository, it is not at all possible to sell the shares as they are not available to sell. Till the time the Broker doesn't execute our order for buyback, one can sell. Once the message of blocking of shares received, they are not with us to sell.
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%
You are right, as per number of bids, acceptance ratio will be between 30 -40% and NOT beyound this range on both sides. i.e 3 to 4 shares for every 10 shares tendered by retail investors.
General category bids are usually less than 50k and even if we consider high number of bids in this buyback it wonโt 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 ๐
TCS Buyback
Some messages on other site"
*TCS Buyback Acceptance Ratio Announced* 13 Shares got accepted out of 50 in Retail, Unaccepted Shares will be released on 28 March. *Those who Participated through 1 Share has been Accepted of All Investors* Amount for accepted Shares will be received on the same date in Bank *END OF TCS BUYBACK*
"
Is it true?