You are right.
The Post Buyback Public Announcement shows that the company accepted 40,118 shares from Mr Agarwal.
Pre-buyback he had 86,30,747 shares.
His entitlement would have been the General Category: 4 shares for every 861 shares held, i.e. 4 / 861 X 86,30,747 = 40,096 (rounded down).
The additional, 40,118 – 40,096 = 22 shares accepted from him would have been because of the way buybacks work (see 21.8.b of the Letter of Offer).
Often, participating shareholders tender more shares than their entitlement. And typically a large number of shareholders don’t participate in the buyback. So even after accepting 100% of the entitled shares from participating shareholders, there are some more shares available for buyback. These are distributed proportionately among the participating shareholders who had tendered more than their entitlement.
As you pointed out, the Letter of Offer shows 93,600 as the maximum number of shares that may be tendered by him.
I am not familiar with the SEBI rules that are used to arrive at this number. But this is the maximum number of shares the company can buyback from him.
The maximum number of shares available for buyback in the General Category was 1,36,000. But even if no one else tendered in the General Category, he would have been capped at 93,600.
Hope that helps explain some of these numbers.
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