<div><p><em>Share buybacks are a 15 year old process in India. In developed countries share buyback is a well-accepted practice but in India the concept has yet to gain popularity. The article tries to look at the tender offer repurchases in Indian between the periods 2004 to September 2013. There were 51 public announcements for share buyback through tender offer route. The other popular method is open market repurchase. The paper tries to identify the main drivers in the tender offer repurchase through regression analysis. The more significant drivers are reduction of earnings per share through buyback, correction in capital structure and improvement in return ratios like return on net worth . The paper also looks at identifying the impact on promoter’s holding through tender offer buyback and identify if it is one of the drivers of share buyback.</em></p></div>