Who can participate in the buyback of shares?

Two factors decide the eligibility of a person to participate in the buyback of shares:

1. Whether the person is an existing shareholder; and
2. Whether the shares are in Physical or Demat form.

To be eligible to participate in the Tender offer or Open offer though book building route buyback, a person needs to be an existing shareholder as on the Record Date of the buyback offer.

In the Tender offer, the shares can either be in physical form or Demat form. While in the case of an open offer, generally only the Demat shareholders can be a part of the buyback offer.