A person holding shares in physical form cannot tender his/her physical shares in the company's buy-back offer.

The SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 has been amended on 8th June 2018 wherein a proviso to Regulation 40(1) mandates that except in case of transmission or transposition of securities, requests for effecting transfer of securities shall not be processed unless the securities are held in the dematerialized form with a depository. Hence the person holding shares in physical form is required to have the physical shares dematerialized so that he can tender the shares in dematerialized form and participate in the buyback.