Can physical shares be offered in the buyback?

A physical shareholder can participate in the Tender Offer. However, in the case of an open offer, a physical shareholder is generally allowed to participate only once their shares get dematerialized.

The companies allowing physical shareholders to participate in an Open offer need to request the Exchange for a separate window for the Buyback of Physical shares. But not many companies opt for this route but allows only Demat shareholders to avail the open offer.