TCS buyback calculations.
But, I’ve seen messages from brokers offering clients margin funding to participate in this buyback.
If this sees good uptake, the acceptance ratio will decline, perhaps significantly.
Also, if the Premium becomes too high near the Record Date, probably more people will tender shares in buy back. Thus, acceptance ratio may decline.
All in all it seems better to hold on to fundamentals. The arbitrage opportunity does not seem much.
My Investment Notes 