Yes, you can tender more shares than your entitlement. If you tender more shares than your entitlement, whether these additional shares will be accepted for buyback or not will solely depend on the acceptance ratio decided by the company. The shares which are not accepted will be credited back to your demat account by the RTA.
On Console, the first order window is open until 3rd June 2022, the order you place will be submitted to the exchange once the order window closes. Before that you can modify the quantity tendered as many times as you wish, it’ll be considered one order only, so charges will be Rs. 20 + GST.
The second order window will be open once this one closes, if you wish to tender more shares, you can place another order. This will be considered a separate order.
Since the Buyback of shares takes place through the settlement mechanism of the Stock Exchange,
Securities Transaction Tax at 0.1% of the value of the transaction will be applicable.
Tendering shares early in the buyback or later on doesn’t have any impact on the acceptance of shares. The credit of funds for accepted shares and credit of unaccepted shares to demat account will happen by 16th June 2022.
You can check more information on the Letter of Offer filed by GAIL:
The buyback order for GAIL has been placed at the exchange and shares have been debited from the demat account. Your GAIL holdings will be reduced by the number of shares tendered and will not reflect in Kite and Console holdings. You would’ve received email informing about the same.
I got a debit message of GAIL shares (all shares tendered - tendered more than acceptance ratio) from Zerodha demat account today. Not sure why the entire qty of shares tendered were debited, were only the shares accepted to be debited from our account?
Ideally today were we supposed to get the unaccepted GAIL shares back?
Anyone else got the debit message of shares today?