Who can participate in buyback of shares?

Whether a company opt for buyback via open market or tender offer, there are two things that make a person eligible to participate in buyback.

1. In an open market buyback, any shareholder of the company during the buyback period can apply for the buyback. There is no record date in buyback announced through open market mechanism.
2. In a tender offer, those investors who have the company’s shares either in physical form or Demat form on the record date of buyback can tender shares to participate in the buyback.