Tendering in three tax regimes

A tender-offer buyback is at ₹4,150. Before the record date the stock trades at ₹3,600; you expect it to trade at ₹3,560 after the offer. You buy the largest number of shares that keeps you a small shareholder (holding at most ₹2 lakh at ₹3,600) and expect 30% of your tendered shares to be accepted (round accepted shares down). Ignore brokerage and STT. Assume a 30% slab rate plus 4% cess (31.2%) and a 20% short-term capital gains rate (illustrative). (a) Compute the number of shares, accepted shares and pre-tax profit. (b) Compute the after-tax profit if the buyback happens (i) before 1 October 2024, (ii) between 1 October 2024 and 31 March 2026, with and without other capital gains against which the capital loss can be set off, and (iii) after 1 April 2026 if you are not a promoter. State any assumption you need about the unaccepted shares. (c) Which regime made "buyback arbitrage" unattractive for high-slab individuals, and why?