FACULTY OF LAW

Jamia Millia Islamia (A Central University)

Maulana Mohammad Ali Jauhar Marg, Jamia Nagar

New Delhi -110025

B.A. LL.B. (Self-financed) - Semester-VI

Corporate Law - I
Topic
Buyback of Shares
NAME: HARSH RAJ KAUSHIK

STUDENT ID: 202008178

COURSE: B.A. LL.B. (Hons.)

SEMESTER: VI

DIVISION: SELF-FINANCED

BATCH: 2020 - 2025

SUBMITTED TO – PROF. QAZI MOHD. USMAN

DATE OF SUBMISSION - 08/05/2023

 Acknowledgement

First and foremost, I want to express my gratitude to Prof. Qazi Mohd. Usman,
our subject teacher, for her invaluable assistance and advise. She greatly
motivated us to work on this fascinating project. Her ability to motivate us was
extremely beneficial to our project. I'd also like to thank her for providing us
some sample research assignments on how to approach the task. In addition, I'd
want to express my gratitude to my seniors, who provided me with useful
material and served as a source of help in completing the task. Finally, I'd want
to thank my family and friends for their understanding and guidance in helping
me complete this project. This assignment would not have been accomplished
without the assistance of the details stated above.

Thank you!
 Synopsis
1. Introduction to Buyback of Shares
• Definition of buyback of shares
• Purpose and reasons for buyback of shares
• Benefits and drawbacks of buyback of shares
2. Legal and Regulatory Framework for Buyback of Shares
• Companies Act, 2013 provisions on buyback of shares
• SEBI regulations on buyback of shares
• Compliance requirements and procedures for buyback of shares
3. Types of Buyback of Shares
• Open market buyback
• Tender offer buyback
• Direct purchase buyback
• Other types of buyback of shares
4. Financial Aspects of Buyback of Shares
• Funding sources for buyback of shares
• Pricing and valuation of shares for buyback
• Accounting and tax implications of buyback of shares
5. Impact of Buyback of Shares on Stakeholders
• Effect on shareholders
• Impact on the company's financial statements
• Influence on the market and industry
6. Case Studies on Buyback of Shares
• Examples of companies that have undertaken buyback of shares
• Analysis of the reasons, methods, and outcomes of the buyback of shares
• Comparison of the impact of buyback of shares across different industries and market
conditions
7. Conclusion and Future Trends
• Summary of the key findings and insights from the study
• Predictions on the future of buyback of shares as a corporate finance strategy
• Implications for investors, regulators, and other stakeholders.
Introduction to Buyback of Shares

The buyback of shares offers a versatile monetary approach to modify a company's capital
structure and financial standing as necessary.1 Buyback of shares, also known as share
repurchase, is a corporate finance strategy in which a company buys back its own outstanding
shares from its shareholders. This process reduces the number of outstanding shares and
increases the ownership percentage of the remaining shareholders in the company. Buyback
of shares can be accomplished through various methods, such as open market buyback, tender
offer buyback, and direct purchase buyback.

• Definition of buyback of shares2

A buyback of shares is a transaction in which a company purchases its own shares from
its shareholders, either on the open market or through a tender offer. The shares that are
bought back are then retired, and the number of outstanding shares is reduced. This can
result in an increase in the value of the remaining shares, as the company's earnings are
distributed among a smaller pool of shareholders.

• Purpose and reasons for buyback of shares3

Companies may undertake a buyback of shares for various reasons. One common reason
is to return excess cash to shareholders. If a company has excess cash on its balance sheet
that is not being used for growth or investment opportunities, it may choose to buy back
its own shares as a way of returning that cash to shareholders. Buyback of shares can also
be used as a tool to increase the value of the remaining shares by reducing the number of
outstanding shares.

Another reason for buyback of shares is to signal to the market that the company believes
its stock is undervalued. If a company believes that its stock is trading at a lower price
than it should be, it may choose to buy back its shares as a way of supporting the stock
price and showing confidence in the company's future prospects.

1
Dr. Ishwar P, "STOCK PRICE RESPONSES TO THE ANNOUNCEMENT OF BUYBACK OF
SHARES IN INDIA" 1 Indian Journal of Commerce & Management Studies 15 (2010)
2
Investopedia. (2021, March 22). Share Buyback. available at:
https://www.investopedia.com/terms/s/sharebuyback.asp (last visited on May 9, 2023)
3
Ibid.
 Buyback of shares can also be used as a defensive measure against hostile takeovers. By
reducing the number of outstanding shares, a company can make itself less attractive as a
target for a hostile acquirer, as it becomes more expensive to acquire a controlling stake.

• Benefits and drawbacks of buyback of shares

The benefits of buyback of shares include:

• Increased value for remaining shareholders: By reducing the number of outstanding

shares, a company can increase the ownership percentage of the remaining
shareholders. This can lead to an increase in the value of the remaining shares, as the
company's earnings are distributed among a smaller pool of shareholders.
• Improved financial ratios: Buyback of shares can improve the company's financial
ratios, such as earnings per share and return on equity, by reducing the number of
outstanding shares.
• Signalling effect: Buyback of shares can signal to the market that the company
believes its stock is undervalued and that it has confidence in its future prospects. 4

However, there are also drawbacks to buyback of shares5:

• Opportunity cost: By using cash to buy back shares, a company may be forgoing
other investment opportunities or growth initiatives that could create more long-
term value for shareholders.
• Decreased liquidity: Buyback of shares reduces the number of outstanding shares,
which can decrease the liquidity of the stock and make it more difficult for
shareholders to sell their shares.
• Short-term focus: Buyback of shares can be seen as a short-term focus on stock
price, rather than a long-term focus on the underlying fundamentals of the
company.

In conclusion, buyback of shares is a corporate finance strategy in which a company buys

back its own outstanding shares from its shareholders. The purpose and reasons for
buyback of shares can vary, but it is often used as a way of returning excess cash to

4
Shachi Bhargava and Puja Agrawal, "Announcement Effect of Share Buyback on Share Price at
National Stock Exchange: An Empirical Investigation" 3 Annual Research Journal of SCMS, Pune 91
(April, 2015)
5
Securities and Exchange Commission. (n.d.). Stock buybacks. available at:
https://www.sec.gov/fast-answers/answersbuybackhtm.html
 shareholders, increasing the value of the remaining shares, and signaling to the market
that the company believes its stock is undervalued. While buyback of shares can have
benefits, such as increased value for remaining shareholders and improved financial ratios,
it can also have drawbacks, such as the opportunity

Legal and Regulatory Framework for Buyback of Shares

The buyback of shares is subject to various legal and regulatory frameworks in India. The
Companies Act, 2013, and the SEBI (Buyback of Securities) Regulations, 2018, provide the
legal framework for buyback of shares by companies in India.

• Companies Act, 2013 Provisions on Buyback of Shares6

Section 68 of the Companies Act, 2013, governs the buyback of shares by companies in
India. As per the Act, a company can buy back its shares either through the open market
or through a tender offer. The buyback can be financed using the company's free reserves,
securities premium account, or proceeds from the issue of any securities, subject to certain
conditions. The maximum amount that can be used for buyback is 25% of the total paid-
up capital and free reserves of the company.

The Act also provides for the appointment of a registered valuer to determine the buyback
price and the maximum amount of shares that can be bought back. The buyback must be
completed within 12 months from the date of passing the resolution for the same, and the
company cannot make another buyback offer within a period of 365 days from the date of
the completion of the buyback.

• SEBI Regulations on Buyback of Shares7

The Securities and Exchange Board of India (SEBI) regulates buyback of shares by listed
companies in India through the SEBI (Buyback of Securities) Regulations, 2018. The
regulations provide detailed guidelines for the conduct of buyback offers and the
compliance requirements for listed companies.

As per the SEBI regulations, the maximum amount of shares that can be bought back by
a company is 25% of the total paid-up capital and free reserves of the company, subject to

6
The Companies Act, 2013
7
SEBI. (2018). Securities and Exchange Board of India (Buyback of Securities) Regulations, 2018.
Available at: https://www.sebi.gov.in/legal/regulations/aug-2018/securities-and-exchange-board-of-
india-buyback-of-securities-regulations-2018_40023.html (Last visited on 9th May, 2023)
 certain conditions. The buyback must be completed within a period of 6 months from the
date of passing the resolution for the same.

The regulations also require the company to appoint a merchant banker for conducting the
buyback offer and a registrar to handle the share transfer process. The company must also
make disclosures regarding the buyback offer to the stock exchanges and to the
shareholders, and must comply with the minimum public shareholding requirements.

• Compliance Requirements and Procedures for Buyback of Shares8

The compliance requirements and procedures for buyback of shares are detailed in the
Companies Act, 2013, and the SEBI regulations.

The company must first pass a special resolution for the buyback of shares at a general
meeting, and then file the resolution with the Registrar of Companies (ROC). The
company must also obtain a valuation report from a registered valuer, specifying the
maximum price at which the shares can be bought back.

The company must then make a public announcement of the buyback offer, stating the
number of shares to be bought back, the price at which the shares will be bought back, and
the duration of the buyback period. The public announcement must be made in at least
one English national daily newspaper and one regional language newspaper where the
company's registered office is located.

The company must also make disclosures regarding the buyback offer to the stock
exchanges where its shares are listed, and must obtain the approval of the stock exchanges
before proceeding with the buyback. The company must also appoint a merchant banker
and a registrar for handling the buyback offer and the share transfer process.

The legal and regulatory framework for buyback of shares in India is governed by the
Companies Act, 2013, and the SEBI (Buyback of Securities) Regulations, 2018. The
regulations provide detailed guidelines for the conduct of buyback offers and the compliance
requirements for listed companies. Companies must comply with these regulations while
conducting buyback of shares to ensure transparency and fairness in the process.

8
K. Ramakrishna Hegde & Ashish Makhija, Corporate Laws & Governance Practice - Buyback of
Shares (June 2021), available at :
https://www.nishithdesai.com/fileadmin/user_upload/pdfs/Research%20Papers/Buyback_of_Shares.
pdf. (Last visited on 9th May, 2023)
Types of Buyback of Shares

Buyback of shares is a process by which a company buys back its own shares from the market.
The buyback of shares can be carried out through different methods, depending on the
company's objectives, available resources, and market conditions. The following are the
different types of buyback of shares:

• Open Market Buyback9

An open market buyback is a type of buyback in which the company purchases its own
shares from the open market. In this method, the company can purchase its shares from
any stock exchange where its shares are listed. The company can buy back the shares at
any time during market hours and at the prevailing market price.

The open market buyback is a flexible method of buyback that allows the company to buy
back its shares as and when required. It also provides liquidity to the shareholders who are
willing to sell their shares in the market. However, the company may not be able to buy
back the desired quantity of shares due to the fluctuating market prices.

• Tender Offer Buyback10

A tender offer buyback is a type of buyback in which the company makes a public offer
to its shareholders to buy back a certain number of shares at a specified price. In this
method, the shareholders are given the option to tender their shares to the company at the
offered price. The shareholders can either accept or reject the offer.

The tender offer buyback is a formal process that provides the shareholders with an
opportunity to sell their shares at a premium price. However, the company may not be
able to buy back the desired quantity of shares if the shareholders do not tender their
shares.

9
Shachi Bhargava and Puja Agrawal, "Announcement Effect of Share Buyback on Share Price at
National Stock Exchange: An Empirical Investigation" 3 Annual Research Journal of SCMS, Pune 92
(April, 2015)
10
Investopedia, Tender Offer, available at: https://www.investopedia.com/terms/t/tenderoffer.asp
(Last visited on 9th May, 2023)
 • Direct Purchase Buyback11

A direct purchase buyback is a type of buyback in which the company purchases its shares
directly from its shareholders. In this method, the company approaches the shareholders
individually and negotiates the price of the shares to be bought back. The company can
buy back the shares at a negotiated price, which may be higher or lower than the prevailing
market price.

The direct purchase buyback is a personalized method of buyback that allows the company
to negotiate the price of the shares directly with the shareholders. However, this method
can be time-consuming and may not be feasible if the number of shareholders is large.

• Other Types of Buyback of Share

Apart from the above-mentioned methods, there are other types of buyback of shares that
companies can use, depending on their requirements. Some of these methods include:

Buyback through book building process: In this method, the company determines the price
at which it wants to buy back the shares through a book building process.

Buyback through stock exchange: In this method, the company buys back its shares
through a stock exchange, which acts as an intermediary between the company and the
shareholders.

Partial buyback: In this method, the company buys back only a portion of the shares
tendered by the shareholders, based on the availability of funds and the company's
requirements.

The type of buyback of shares that a company chooses depends on various factors such as
market conditions, availability of funds, and the company's objectives. Each type of buyback
has its own advantages and disadvantages, and companies need to choose the method that
suits their requirements the best. A well-planned and executed buyback of shares can provide
benefits to the company and its shareholders, including increased earnings per share and return
on equity.

11
Investopedia, Direct Purchase Plan (DPP), available at:
https://www.investopedia.com/terms/d/directpurchaseplan.asp (Last visited on 9th May, 2023)
Financial Aspects of Buyback of Shares

Buyback of shares is a financial decision that involves various aspects related to funding,
pricing, valuation, accounting, and tax implications. The following are the financial aspects
of buyback of shares:

• Funding Sources for Buyback of Shares12

The funding sources for buyback of shares can vary depending on the company's financial
position, its capital structure, and its cash reserves. Companies can use their own cash
reserves, borrow from banks or financial institutions, issue debt securities or use their
surplus cash flows to finance the buyback of shares. The source of funding can have a
significant impact on the company's financial position and credit rating.

Using own cash reserves for buyback of shares can result in a reduction of the company's
cash balances, which can impact the company's ability to fund its future growth initiatives
or to meet its working capital requirements. Borrowing from banks or financial institutions
can increase the company's leverage and result in higher interest expenses. Issuing debt
securities can also increase the company's leverage and impact its credit rating. Using
surplus cash flows can impact the company's dividend payout to its shareholders.

• Pricing and Valuation of Shares for Buyback13

The pricing and valuation of shares for buyback is an important aspect of the buyback
process. The price at which the shares are bought back can have an impact on the
company's financial position, earnings per share, and return on equity. The company needs
to determine the fair value of its shares, which can be done through various methods such
as discounted cash flow, earnings multiple, or net asset value.

The company also needs to consider the impact of the buyback on its shareholders. The
buyback should be done at a fair price, which is beneficial to both the company and its
shareholders. The buyback should not result in a loss to the shareholders, and the company
should not be seen as trying to manipulate the share price.

12
R.K. Sharma and R Sharma. Financial Management: Theory and Practice. Pearson India Education
Services (2017)
13
Wadhwa, K. (2020). Buyback of shares: Understanding the pricing and valuation aspects.
IndiaCorpLaw. available at: https://indiacorplaw.in/2020/02/buyback-of-shares-understanding-the-
pricing-and-valuation-aspects.html (Last visited on 9th May, 2023)
 • Accounting and Tax Implications of Buyback of Shares14

The accounting and tax implications of buyback of shares are also important aspects that
need to be considered by the company. The buyback of shares needs to be accounted for
in the company's financial statements, which can impact the company's earnings per share,
return on equity, and other financial ratios. The buyback of shares can result in a reduction
of the company's equity, which can impact its capital structure.

The tax implications of buyback of shares can also have an impact on the company's
financial position. The company needs to consider the tax implications of the buyback on
its shareholders, which can vary depending on the tax laws of the country where the
company is located. The company needs to determine whether the buyback will result in
a capital gain or a dividend, which can have different tax implications for the shareholders.

Impact of Buyback of Shares on Stakeholders

Buyback of shares is a financial decision that can impact various stakeholders, including
shareholders, the company, and the market. The following are the impacts of buyback of
shares on stakeholders:

• Effect on Shareholders15

The buyback of shares can have a significant impact on the shareholders of the company.
The buyback can result in a reduction of the number of outstanding shares, which can
increase the ownership percentage of the remaining shareholders. The buyback can also
result in an increase in the earnings per share, return on equity, and other financial ratios.

The buyback can also result in a cash payout to the shareholders, which can be in the form
of a capital gain or a dividend. The buyback can be beneficial to the shareholders if the
buyback price is higher than the market price or if the buyback is done at a fair price. The
buyback can also result in a loss to the shareholders if the buyback price is lower than the
market price or if the buyback is done to manipulate the share price.

14
S&P Global Market Intelligence. (2020, February 3). The accounting and tax implications of stock
buybacks. available at: https://www.spglobal.com/marketintelligence/en/news-insights/latest-news-
headlines/the-accounting-and-tax-implications-of-stock-buybacks-56915471 (Last visited on 9th
May, 2023)
15
K. Jain and S. Jain, Corporate buyback of shares: A study of share repurchase by Indian companies,
81-93, Indian Journal of Finance (2017).
 • Impact on the Company's Financial Statements16

The buyback of shares can impact the company's financial statements, including the
balance sheet, income statement, and cash flow statement. The buyback can result in a
reduction of the company's equity, which can impact its capital structure. The buyback
can also result in a reduction of the company's cash balances, which can impact its ability
to fund its future growth initiatives or to meet its working capital requirements.

The buyback can impact the company's earnings per share, return on equity, and other
financial ratios. The buyback can result in an increase in the earnings per share, return on
equity, and other financial ratios if the buyback price is higher than the market price or if
the buyback is done at a fair price. The buyback can result in a decrease in the earnings
per share, return on equity, and other financial ratios if the buyback price is lower than the
market price or if the buyback is done to manipulate the share price.

• Influence on the Market and Industry

The buyback of shares can also have an influence on the market and the industry. The
buyback can result in a reduction of the number of outstanding shares, which can impact
the supply and demand dynamics of the market. The buyback can also result in an increase
in the share price, which can attract more investors to the company.

The buyback can also send a signal to the market and the industry about the company's
financial position and future prospects. The buyback can be seen as a positive signal if the
buyback is done at a fair price and if the company has a strong financial position. The
buyback can be seen as a negative signal if the buyback is done to manipulate the share
price or if the company has a weak financial position.

The buyback of shares can have significant impacts on various stakeholders, including
shareholders, the company, and the market. The buyback can result in a reduction of the
number of outstanding shares, an increase in the ownership percentage of the remaining
shareholders, and a cash payout to the shareholders. The buyback can impact the
company's financial statements and the market and industry dynamics. A well-planned
and executed buyback of shares can provide benefits to the company and its shareholders,
while minimizing the negative impacts on the stakeholders.

16
Investopedia. (2021, April 5). Share Buyback., available at: from
https://www.investopedia.com/terms/s/sharebuyback.asp (Last visited on 9th May, 2023)
Case Studies on Buyback of Shares

There have been several companies that have undertaken buyback of shares, with varying
reasons, methods, and outcomes. The following are some examples of companies that have
undertaken buyback of shares, along with an analysis of their buyback decisions:

a. TCS Buyback of Shares17

In 2021, Tata Consultancy Services (TCS) announced a buyback of shares worth Rs

16,000 crore. The buyback was done through the tender offer route, where the company
offered to buy back up to 5.33 crore shares at a price of Rs 3,000 per share. The buyback
represented 1.42% of the total paid-up equity share capital of the company.

The buyback was done to return surplus cash to the shareholders and to enhance the overall
shareholder value. The buyback was also seen as a positive signal by the market, as it
indicated the company's strong financial position and future prospects. The buyback
resulted in an increase in the share price of TCS and an increase in the ownership
percentage of the remaining shareholders.

b. Wipro Buyback of Shares18

In 2020, Wipro announced a buyback of shares worth Rs 9,500 crore. The buyback was
done through the open market route, where the company bought back 23.75 crore shares
at a price of Rs 400 per share. The buyback represented 4.16% of the total paid-up equity
share capital of the company.

The buyback was done to return surplus cash to the shareholders and to optimize the
company's capital structure. The buyback was also seen as a positive signal by the market,
as it indicated the company's commitment to enhancing the shareholder value. The
buyback resulted in an increase in the share price of Wipro and an increase in the earnings
per share of the remaining shareholders.

17
Sharma, N. (2021, June 17). TCS to buy back shares worth Rs 16,000 crore; offer to open on Dec
18. Business Today. available at: https://www.businesstoday.in/current/corporate/tcs-to-buy-back-
shares-worth-rs-16000-crore-offer-to-open-on-dec-18/story/439988.html (Last visited on 9th May,
2023)
18
Business Standard. (2020, December 31). Wipro completes Rs 9,500 crore buyback programme.
Business Standard. available at: https://www.business-standard.com/article/companies/wipro-
completes-rs-9-500-crore-buyback-programme-121123100978_1.html (Last visited on 9th May,
2023)
c. Infosys Buyback of Shares19

In 2019, Infosys announced a buyback of shares worth Rs 8,260 crore. The buyback was
done through the open market route, where the company bought back 11.05 crore shares
at a price of Rs 747 per share. The buyback represented 1.85% of the total paid-up equity
share capital of the company.

The buyback was done to return surplus cash to the shareholders and to enhance the overall
shareholder value. The buyback was also seen as a positive signal by the market, as it
indicated the company's strong financial position and future prospects. The buyback
resulted in an increase in the share price of Infosys and an increase in the ownership
percentage of the remaining shareholders.

Comparison of the Impact of Buyback of Shares Across Different Industries and Market
Conditions

The impact of buyback of shares can vary across different industries and market conditions.
In general, the buyback can result in an increase in the share price, an increase in the earnings
per share, and a reduction in the number of outstanding shares. The buyback can also impact
the company's financial statements and the market and industry dynamics.

Recent case law on buyback of shares includes a ruling by the Securities Appellate Tribunal
(SAT) in the case of Emami Ltd. In 2021, the SAT upheld the decision of SEBI to reject
Emami's buyback proposal, stating that the buyback price was not in compliance with the
SEBI regulations. The case highlighted the importance of compliance with the regulatory
framework for buyback of shares and the need for transparency in the buyback process.

Conclusion:

In conclusion, the study of buyback of shares has shed light on the various aspects of this
corporate finance strategy. Buyback of shares has become increasingly popular in recent years
due to its ability to enhance shareholder value, improve financial ratios, and deploy surplus
cash. The legal and regulatory framework surrounding buyback of shares in India has become

19
Infosys Annual Report 2019-20, available at: https://www.infosys.com/investors/reports-
filings/annual-report/annual/Documents/Infosys-AR-2020.pdf (Last visited on 9th May, 2023)
more stringent, with the introduction of provisions in the Companies Act, 2013 and SEBI
regulations. The various types of buyback of shares, including open market, tender offer, and
direct purchase, provide companies with different options to execute their buyback programs.
The financial aspects of buyback of shares, including funding sources, pricing and valuation,
and accounting and tax implications, need to be carefully considered by companies before
initiating a buyback program. The impact of buyback of shares on stakeholders, including
shareholders, the company's financial statements, and the market and industry, is significant
and needs to be taken into account.

Future Trends:

In the future, buyback of shares is expected to continue to be a popular corporate finance

strategy, particularly in industries with surplus cash and low investment opportunities.
Companies will need to carefully consider the impact of buyback of shares on their long-term
growth prospects and balance this with the short-term benefits of returning surplus cash to
shareholders. With increasing regulatory scrutiny, companies will need to ensure compliance
with legal and regulatory requirements, particularly with respect to timing, pricing, and
disclosure.
 Bibliography:

• The Companies Act, 2013

• Dr. Ishwar P, "STOCK PRICE RESPONSES TO THE ANNOUNCEMENT OF
BUYBACK OF SHARES IN INDIA" 1 Indian Journal of Commerce & Management
Studies 15 (2010)
• Investopedia. (2021, March 22). Share Buyback. available at:
https://www.investopedia.com/terms/s/sharebuyback.asp (last visited on May 9,
2023)
• Shachi Bhargava and Puja Agrawal, "Announcement Effect of Share Buyback on
Share Price at National Stock Exchange: An Empirical Investigation" 3 Annual
Research Journal of SCMS, Pune 91 (April, 2015)
• Securities and Exchange Commission. (n.d.). Stock buybacks. available at:
https://www.sec.gov/fast-answers/answersbuybackhtm.html
• SEBI. (2018). Securities and Exchange Board of India (Buyback of Securities)
Regulations, 2018. Available at: https://www.sebi.gov.in/legal/regulations/aug-
2018/securities-and-exchange-board-of-india-buyback-of-securities-regulations-
2018_40023.html (Last visited on 9th May, 2023)
• K. Ramakrishna Hegde & Ashish Makhija, Corporate Laws & Governance Practice -
Buyback of Shares (June 2021), available at :
https://www.nishithdesai.com/fileadmin/user_upload/pdfs/Research%20Papers/Buyb
ack_of_Shares.pdf. (Last visited on 9th May, 2023)
• Shachi Bhargava and Puja Agrawal, "Announcement Effect of Share Buyback on
Share Price at National Stock Exchange: An Empirical Investigation" 3 Annual
Research Journal of SCMS, Pune 92 (April, 2015)
• Investopedia, Tender Offer, available at:
https://www.investopedia.com/terms/t/tenderoffer.asp (Last visited on 9th May, 2023)
• Investopedia, Direct Purchase Plan (DPP), available at:
https://www.investopedia.com/terms/d/directpurchaseplan.asp (Last visited on 9th
May, 2023)
• R.K. Sharma and R Sharma. Financial Management: Theory and Practice. Pearson
India Education Services (2017)
• Wadhwa, K. (2020). Buyback of shares: Understanding the pricing and valuation
aspects. IndiaCorpLaw. available at: https://indiacorplaw.in/2020/02/buyback-of-
 shares-understanding-the-pricing-and-valuation-aspects.html (Last visited on 9th
May, 2023)
• S&P Global Market Intelligence. (2020, February 3). The accounting and tax
implications of stock buybacks. available at:
https://www.spglobal.com/marketintelligence/en/news-insights/latest-news-
headlines/the-accounting-and-tax-implications-of-stock-buybacks-56915471 (Last
visited on 9th May, 2023)
• K. Jain and S. Jain, Corporate buyback of shares: A study of share repurchase by
Indian companies, 81-93, Indian Journal of Finance (2017).
• Investopedia. (2021, April 5). Share Buyback., available at: from
https://www.investopedia.com/terms/s/sharebuyback.asp (Last visited on 9th May,
2023)
• Sharma, N. (2021, June 17). TCS to buy back shares worth Rs 16,000 crore; offer to
open on Dec 18. Business Today. available at:
https://www.businesstoday.in/current/corporate/tcs-to-buy-back-shares-worth-rs-
16000-crore-offer-to-open-on-dec-18/story/439988.htm (Last visited on 9th May,
2023)
• Business Standard. (2020, December 31). Wipro completes Rs 9,500 crore buyback
programme. Business Standard. available at: https://www.business-
standard.com/article/companies/wipro-completes-rs-9-500-crore-buyback-
programme-121123100978_1.html (Last visited on 9th May, 2023)
• Infosys Annual Report 2019-20, available at:
https://www.infosys.com/investors/reports-filings/annual-
report/annual/Documents/Infosys-AR-2020.pdf (Last visited on 9th May, 2023)