Buyback arithmetic

A company has PAT ₹1,200 cr, 100 cr shares, price ₹300, and ₹3,000 cr of cash earning 7% pre-tax; tax rate 25.17%. It buys back ₹2,000 cr of shares at ₹360 by tender offer (illustrative). (a) How many shares are bought? Compute post-buyback EPS and its percentage change. (b) Find the highest buyback price at which the buyback would be EPS-accretive. (c) An analyst estimates intrinsic value at ₹320 a share (₹32,000 cr). Compute intrinsic value per remaining share after the buyback, and repeat for a buyback at ₹300. (d) Prove Propositions 6A.5 and 6A.6, and explain in one paragraph why a buyback can be EPS-dilutive and value-creating at the same time.