What is meant by tender of shares and when are companies required to make a tender offer?
Answer
Answer
Tender of shares is an open offer made to the existing shareholders where they are invited to tender their shares to the company at a certain price. There are various reasons for tendering shares and these include takeover, buyback of shares, delisting of shares etc. The most common reason for tendering shares is buyback of shares. Given below is a list of recent tendering of shares done.
Sr No
Company Name
Offer Start Date
Offer End Date
Offer type
Issue type
No of Shares offered
Cumulative Qty (Demat)
Cumulative Qty (Physical)
Total Qty
Floor price/ Offer Price
Accepted quantity after settlement (Demat)*
Accepted quantity after settlement (Physical)*
Number of Times
Allotment price
1
Olectra Greentech Limited
31-Jan-2020
13-Feb-2020
Takeover
Fixed price
1,82,36,148
628
-
628
80.10
628
0
0.00
80.10
2
Indiabulls Ventures Limited
15-Jan-2020
28-Jan-2020
Buy back
Fixed price
6,66,66,666
6,84,96,325
-
6,84,96,325
150.00
6,64,78,635
0
1.03
150.00
3
NIIT Limited
25-Nov-2019
06-Dec-2019
Buy back
Fixed price
2,68,00,000
6,95,32,970
-
6,95,32,970
125.00
17,68,882
0
2.59
125
4
Greaves Cotton Limited
18-Oct-2019
04-Nov-2019
Buy back
Fixed price
1,30,00,000
4,04,84,919
-
4,04,84,919
175.00
11,30,203
0
3.11
175
5
Gandhi Special Tubes Limited
25-Sep-2019
10-Oct-2019
Buy back
Fixed price
9,00,000
47,51,351
-
47,51,351
550.00
1,06,501
0
5.28
550
6
Adani Ports and Special Economic Zone Limited
06-Sep-2019
20-Sep-2019
Buy back
Fixed price
3,92,00,000
24,45,20,849
-
24,45,20,849
500.00
1,32,50,457
0
6.24
500
7
BSE Limited
30-Aug-2019
16-Sep-2019
Buy back
Fixed price
67,64,705
2,41,36,102
-
2,41,36,102
680.00
67,64,705
0
3.57
680
8
Wipro Limited
14-Aug-2019
28-Aug-2019
Buy back
Fixed price
32,30,76,923
4,76,12,69,531
-
4,76,12,69,531
325.00
92,83,435
0
14.74
325
9
NIIT Technologies Limited
15-Jul-2019
26-Jul-2019
Takeover
Fixed price
2,18,46,963
2,35,16,736
-
2,35,16,736
1,394.00
6,03,106
0
1.08
1394
10
FDC Limited
01-Jul-2019
12-Jul-2019
Buy back
Fixed price
34,30,000
2,59,06,357
-
2,59,06,357
350.00
34,30,000
0
7.55
350
11
MindTree Limited
17-Jun-2019
28-Jun-2019
Takeover
Fixed price
5,13,25,371
5,97,80,519
-
5,97,80,519
980.00
15,76,192
0
1.16
980
12
Tech Mahindra Limited
25-Mar-2019
05-Apr-2019
Buy back
Fixed price
2,05,85,000
19,65,28,553
-
19,65,28,553
950.00
83,13,522
0
9.55
950
13
Next Mediaworks Limited
15-Mar-2019
29-Mar-2019
Takeover
Fixed price
1,73,92,157
94,86,823
-
94,86,823
27.00
-
-
0.55
-
14
HEG Limited
08-Mar-2019
22-Mar-2019
Buy back
Fixed price
13,63,636
1,98,04,895
-
1,98,04,895
5,500.00
38,893
17
14.52
5500
15
Oil & Natural Gas Corporation Limited
29-Jan-2019
11-Feb-2019
Buy back
Fixed price
25,29,55,974
65,63,13,038
-
65,63,13,038
159.00
25,29,55,622
352
2.59
159.00
16
SKF India Limited
23-Jan-2019
05-Feb-2019
Buy back
Fixed price
19,00,000
59,03,813
1,810
59,05,623
2,100.00
18,99,562
438
3.11
2100.00
17
NHPC Limited
01-Jan-2019
14-Jan-2019
Buy back
Fixed price
21,42,85,714
96,49,05,761
-
96,49,05,761
28.00
21,98,776
0
4.50
28
18
Mphasis Limited
07-Dec-2018
20-Dec-2018
Buy back
Fixed price
73,20,555
14,12,75,529
-
14,12,75,529
1,350.00
1,69,104
0
19.30
1350
19
National Aluminium Company Limited
13-Nov-2018
28-Nov-2018
Buy back
Fixed price
6,73,11,386
26,89,78,964
-
26,89,78,964
75.00
6,73,11,386
0
4.00
75
20
Infinite Computer Solutions (India) Limited
11-Oct-2018
17-Oct-2018
Delisting
Reverse Book Building
83,44,478
66,34,398
-
66,34,398
258.51
2,11,537
0
0.80
480
21
Tata Consultancy Services Limited
06-Sep-2018
21-Sep-2018
Buy back
Fixed price
7,61,90,476
11,14,65,505
-
11,14,65,505
2,100.00
11,11,866
0
1.46
2100
22
SQS India BFSI Limited
03-May-2018
16-May-2018
Takeover
Fixed Price
27,85,480
-
-
482.95
5,003
0
-
482.95
23
Gandhi Special Tubes Limited
06-Mar-2018
19-Mar-2018
Buy back
Fixed price
8,80,000
49,16,759
-
49,16,759
500.00
1,00,997
0
5.59
500
24
Polaris Consulting & Services Limited
30-Jan-2018
05-Feb-2018
Delisting
Reverse Book Building
2,66,83,240
1,96,81,298
-
1,96,81,298
232.37
2,81,870
0
0.74
480
25
Infosys Limited
30-Nov-2017
14-Dec-2017
Buy back
Fixed price
11,30,43,478
56,51,38,861
2,06,491
56,53,45,352
1,150.00
46,49,353
0
5.00
1150
26
Wipro Limited
29-Nov-2017
13-Dec-2017
Buy back
Fixed price
34,37,50,000
1,16,41,40,301
-
1,16,41,40,301
320.00
82,71,551
13,794
3.39
320
27
MindTree Limited
18-Aug-2017
01-Sep-2017
Buy back
Fixed price
42,24,000
3,24,96,500
135
3,24,96,635
625.00
26,50,060
20
7.69
625
28
The Anandam Rubber Company Limited
05-Jun-2017
16-Jun-2017
Takeover
Fixed Price
7,90,400
3,30,000
-
3,30,000
15.00
3,30,000
0
0.42
15
29
Sona Koyo Steering Systems Limited
30-May-2017
12-Jun-2017
Takeover
Fixed Price
5,16,72,877
5,01,50,969
-
5,01,50,969
84.00
5,01,50,969
0
0.97
84
30
MphasiS Limited
12-May-2017
25-May-2017
Buy back
Fixed Price
1,73,70,078
15,33,64,206
-
15,33,64,206
635.00
1,23,50,924
0
8.83
635
31
NHPC Limited
03-Mar-2017
17-Mar-2017
Buy back
Fixed price
81,13,47,977
1,34,33,33,899
-
1,34,33,33,899
32.25
1,14,55,980
0
1.66
32.25
32
Vardhman Acrylics Limited
13-Feb-2017
27-Feb-2017
Buy back
Fixed price
1,38,00,000
1,26,56,686
-
1,26,56,686
50.00
1,26,44,090
0
0.92
50
33
Hexaware Technologies Limited
02-Feb-2017
15-Feb-2017
Buy back
Fixed price
56,94,835
2,60,68,829
-
2,60,68,829
240.00
37,81,097
0
4.58
240
34
ECE Industries Limited
26-Dec-2016
30-Dec-2016
Delisting
Reverse Book Building
24,21,416
17,23,291
-
17,23,291
202.56
17,09,671
0
0.71
204
35
Lakshmi Machine Works Limited
13-Dec-2016
26-Dec-2016
Buy back
Fixed price
3,11,000
27,03,939
130
27,04,069
4,450.00
22,631
8
8.69
4450
36
Max Ventures and Industries Limited
28-Sep-2016
13-Oct-2016
Takeover
Fixed Price
1,84,73,049
573
-
573
31.50
60
0
0.00
31.5
37
National Aluminium Company Limited
30-Aug-2016
14-Sep-2016
Buy back
Fixed price
64,43,09,628
64,43,19,124
-
64,43,19,124
44.00
6,281
0
1.00
44
38
Wipro Limited
17-Jun-2016
30-Jun-2016
Buy back
Fixed price
4,00,00,000
58,60,56,338
56
58,60,56,394
625.00
3,98,02,931
1,97,069
14.65
625
39
Smartlink Network Systems Limited
06-Jun-2016
17-Jun-2016
Buy back
Fixed price
74,54,850
96,94,129
-
96,94,129
110.00
74,54,850
0
1.30
110
40
Essar Oil Limited
15-Dec-2015
21-Dec-2015
Delisting
Reverse Book Building
14,24,89,858
10,10,81,845
-
10,10,81,845
146.05
2,97,74,346
19,650
0.71
262.8
41
Tide Water Oil Company (India) Limited
15-Dec-2015
30-Dec-2015
Takeover
Fixed Price
2,26,512
38,765
-
38,765
17,505.00
38,765
0
0.17
17505
42
Astec Lifesciences Limited
24-Nov-2015
08-Dec-2015
Takeover
Fixed price
50,67,259
13,60,491
-
13,60,491
246.60
13,60,491
0
0.27
246.6
43
VJIL Consulting Limited
24-Nov-2015
08-Dec-2015
Takeover
Fixed price
23,03,300
6,38,979
-
6,38,979
12.00
6,38,979
0
0.28
12
44
Seamec Limited
02-Nov-2015
17-Nov-2015
Buy back
Fixed price
84,75,000
1,11,09,922
-
1,11,09,922
125.00
77,22,435
1,197
1.31
125.00
45
Essar Ports Limited
30-Oct-2015
05-Nov-2015
Delisting
Reverse book building
10,72,90,990
7,88,98,621
1,761
7,89,00,382
93.66
7,87,31,415
5,118
0.74
133.00
46
Span Divergent Limited (formerly Known as Span Diagnostics Limited)
29-Sep-2015
13-Oct-2015
Buy back
Fixed price
18,19,000
17,72,126
-
17,72,126
65.00
5,63,539
0
0.97
65
47
Clariant Chemicals (India) Limited
22-Sep-2015
07-Oct-2015
Buy back
Fixed price
35,78,947
51,47,752
-
51,47,752
950.00
5,67,390
1,547
1.44
950
48
Sasken Communication Technologies Limited
10-Aug-2015
24-Aug-2015
Buy back
Fixed price
41,57,000
35,92,416
4,408
35,96,824
260.00
8,96,640
0
0.87
260
As can be seen from the above table, the most common reason for tendering of shares is buyback of shares. However, with the recent buyback tax imposed by the government of India in the 2019 budget, the number of buybacks have certainly taken a back seat.