End-to-end buyback completed within offer period. Full reconciliation in 24 hours.

The company's board had approved a buyback under SEBI (Buy-back of Securities) Regulations. The offer period was fixed, and the regulatory requirements were clear: shareholders needed to be notified, acceptances collected and verified, payments dispatched to successful tenderers, and the full reconciliation delivered to the board and SEBI before the offer period closed.

The pressure point in buyback execution is the offer period itself. Once the offer opens, every stage — acceptance collection, verification, payment, and reconciliation — operates against a hard deadline. There is no mechanism to extend the offer period because of operational delays on the registrar's side.

Their existing RTA had managed routine registrar functions adequately, but the company's management and CS team were not confident in their capacity to manage the end-to-end buyback process within the regulatory window without gaps between stages.

RCMC was engaged as the registrar to the buyback. The engagement began with a full review of the company's shareholder register at the record date — verifying entitlements against the register, identifying any discrepancies, and producing the entitlement schedule for the offer.

During the offer period, RCMC coordinated the acceptance form dispatch to all eligible shareholders, managed the demat tender process through the exchange mechanism, and verified each acceptance against the entitlement schedule. The merchant banker's escrow account coordination was managed in parallel.

At offer close, RCMC completed the full reconciliation — accepted versus rejected tenders, payment confirmation to all successful tenderers, and the return of unaccepted shares. The full reconciliation report was delivered within 24 hours of offer close, enabling the company to meet all post-buyback SEBI and board reporting obligations on time.

The buyback was completed within the SEBI-mandated offer period without exception. All shareholder payments were dispatched within the required window, and the full reconciliation — matching accepted tenders to payments — was delivered to the board and the merchant banker within 24 hours of offer close.

The company's CS team cited the quality of shareholder query management throughout the offer period as a significant operational differentiator. Every shareholder query received a substantive response within the hour — reducing the volume of escalations and exchange complaints to zero during the offer period.