Case Study: Zenith Fibers buy back offer

Stocks
1

Zenith Fibres was trading around 66 on Friday and a buyback offer at Rs 55 was announced. The share today dropped 16 % and record date is 12th April and 52wk low is around 50rs

My question is ?

  1. record date is 12th april: by its definition shareholders who are holding the share till 12th april are eligible for this buyback offer. As 52wk low is 50rs , majority of the traders might have bought it above 55rs mark. why would they accept buyback offer?
  2. considering 55rs offer, are chances high share might fall more?
  3. is it mandatory to accept buyback?
2

@Simranjeet_Singh : there has been many cases in the past James warren tea in 2017 , Guj amb export , Technocraft ,danlaw techno etc etc and live cases of james warren tea , Shervani industries ,zenith fibre etc etc where the buyback price is much lower than market price. such cases are more to do with promoters adjusting family wealth in which some promoters participate some do not .
PARTICIPATION IN BUYBACK IS OPTIONAL and not compulsory .