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Share buyback as a concept is very old but its actual usage has been on increase quite recently. In the recent past many companies are resorting to this route to reward the shareholders. It has become buzz word after the recent trigger of companies announcing buybacks. The major objective of a share buyback programme is to reward the shareholder in most tax efficient manner. It also reduces the free float from the market. Further it helps to arrest the fall in the value of a stock by reducing the supply of the stock, which essentially pushes up the share price through a better P/E multiple. In some situation company may want to bring down the public holding and increase promoters holding. If the company sees there is no better opportunity to deploy its cash reserves then it may decide to buy back its shares. The other impact would be increase in Earnings per share. Share Buy-back technique has suddenly become popular owing to, what is now called, the HNI taxation.