Share buyback have become a common event in the financial markets worldwide In a share buyback program the company distributes the excess cash flows among the shareholders by way of repurchasing its own shares, generally at a premium. Among the various reasons for doing so the company wants to indicate to its shareholders that it has huge confidence in itself. In India the practice share buyback started off in 1998 with Securities and Exchange Board of India (SEBI) clearance, bringing benefits to all stake holders i.e. both the company and the public (share holders).The paper tries to find empirical evidence to the theory that buyback of shares boosts the share price and in turn also increase the shareholder value. The EPS is taken as a proxy for shareholder value in the paper. The study mainly focuses on share price movements and the shareholder value (Earnings Per Share or EPS taken as a proxy for the same) of the company which has opted for buy back and to know how it has benefited both the investor and the company. The main objective is to analyze the share price behavior and shareholder value (EPS) of sample companies before and after buy back of shares. The share price analysis is based on event study taking the announcement date as event date and taking event window as 30/ 180 & 365 days before and 30/ 180 & 365 days after the closure date. Further a sectoral analysis is also conducted in order to understand if there an effect on share price due to any sectoral difference. As a whole 130 companies have gone for buy back during the last 10 years. However for the purpose of the study we have taken a randomly stratified sample of 61 companies. The study established that there has been an increase in the share price for majority of the companies post the buy back offer. In the short run the effect is more prominent, however the effect lasts for only those companies that are fundamentally strong for the other companies the effect is short lived. When we consider EPS (as a proxy of Shareholder value) it was seen that it increased over a period of 180 days for 65–68% of the companies, however over a long period of time i.e. 365 days almost 79% of the scripts witnessed an increase in the shareholder value post the buyback.Further a comparative analysis of A Group v/s B Group companies over the same time horizon was conducted in order to find any difference between It was found that; A group companies had higher number of positive growth shares in all the three time horizon. While comparing the EPS of A Group v/s B Group companies over the time horizon of 30 days, 180 days and 365 days it was found that; B group companies had higher number of positive growth shares in the entire three time horizon. Lastly, a sectoral analysis was conducted and ti showed that there wasn’t any concrete trend in terms of correlation of a particular sector with the increase in price movement of growth rate of EPS post the buyback. One reason for the same could be lack of data. As the companies got divided into 13 sectors, every sector has representative sample of 3–6 companies and this amount of data is too small to conduct any type of hypothesis testing. However based on our analysis of share price trend and growth in the EPS in various sectors it can be concluded that most of the sector did witness a positive effect on the share price post the buyback the exception being IT/ITES sector and metal sector.