There are a couple of reports on the internet that mention this 60% number.
According to the company’s filings, 2.87 crore Infosys shares were with investors holding 200 shares or less as of March 31. If we assume a price of Rs 1,000 on the record date for Infosys, the value of the shares held by these investors will be Rs 2 lakh or less, qualifying them as retail investors.
I am not sure where they got this data from because the data on NSE's website shows how many shareholders have shares of nominal capital up to Rs 2 lac and not value Rs 2 lac.
Whatever be the figure, I think the acceptance ratio will be pretty high.
Recent buybacks of companies like Wipro Ltd., Bharti Infratel Ltd., Mphasis Ltd. and Tata Consultancy Services Ltd. saw an acceptance ratio of 100 percent – which means all the shares tendered were accepted. One of the reasons could be lower participation or many investors not opting for the share buyback.
Retail portion received response of 709% so for each 7 shares submitted only 1 got accepted. Moreover the price went down significantly once the buyback process got over. So net net...huge loss incurred by retail guys. Only promoters encahsed their portion nicely.
Yes, as long as terms are favorable and things remain the same, we can calculate and be happy. In MindTree case, we hadn't even thought it will go that much over subscription. Anyway, that's the game, if something looks too easy and too lucrative, wait and analyze some more.