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Record date in the buyback process is the date that makes existing shareholders eligible to participate in the stock buyback. An investor who has shares in their demat account on the record date is eligible to apply for buyback.
Suppose a company has issued a buyback at a record date of 26 Oct 2023 and if you have company’s shares in the demat account on the specified date, you will be eligible to participate in the buyback.
Shares must be in your dematerialized account by the record date. If you purchased shares on 26 Oct 23, you won’t be eligible as it takes T+1 day to transfer shares into your demat account.
When a company offers share buyback through an open offer, there is no record date announced as any shareholder during the buyback period can participate in share repurchase.
Zerodha Trade@20
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