Retail investors need to understand that the figures that we have been talking about of Rs.13,000 represent the overall buyback offer and it includes institutional shareholders too. As per SEBI regulations small investors need to be offered at least 15% of the total buyback size. Small shareholder here refers to the IPO definition of holdings below Rs.2 lakhs. Thus these small shareholders will be entitled to shares to the tune of Rs.1950 crore (15% of Rs.13,000 crore). The entitlement ratio will eventually depend on the price prevailing on the record date of the buyback and that will be taken as the basis for deciding the entitlement ratio. As of now the record date is not announced and that will determine the eventual entitlement ratio for the retail shareholders of Infosys.