The entitlement ratio is a % which is calculated as below:
Let’s assume the following data:
Closing price as of Record date: 925
Number of shares held by retail investors: 3 crore shares
Buyback price: 1150
Number of shares eligible for buyback: 1.69 crore shares
Entitlement ratio = Number of shares eligible for buyback / Number of shares held by retail investors
= 1.69/3 = 56%
So if you hold 20 shares, then your buyback entitlement is 11 shares which will be bought back by Infy at Rs.1150/share.
But if you tender all your 20 shares, then whether the additional shares will be bought back or not depends on the acceptance ratio which is based on the number of people applying for the buyback.