How do I participate in an Open Market Buyback? How is it different from a normal buyback?
Companies can choose two different methods to buy back shares from their public shareholders:
1. Buyback Tender Offer: The company makes an offer to buy back its shareholders(Offer price) at which the shareholders can tender their shares. If you are eligible for the buyback, you can apply for the same from Console. You can read more on the process to apply here.
2. Open-market buyback: The company can opt to buy back its shares by actively buying from sellers on the exchange platform. The company mentions the period of buyback in the buyback offer. These buybacks usually last for months as the company has to ensure that there isn't significant price appreciation due to its buying activity.
You can find these details here on the SEBI website along with the list of all upcoming open market buybacks.
Check out this chapter on Varsity to know why companies chose to buy-back their shares and its impact.