The question is not at what they prices the ended up buying but up to what price where they comfortable buying at? Had the market not obliged and prices in general trended up, they would have indeed ended buying at closer to the indicated cap of Rs1850. And in that context, one should question if the Rs1850 was a prudently low enough valuation in relation to long term valuation range and upcoming earnings outlook (which turned out to be weak and the market already pre-empted) - buybacks are great value when done at attractively low valuations and only in that case they add value to the non-selling shareholders. Otherwise, they are little else than theatrics - help to support the stock, reduce share dilution via ESOPs and return some cash to selling shareholders at the expense of non-selling shareholders.
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