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Understanding Special Situations Investing: Spin Offs, Demergers, Buybacks

A strategy course on making money from corporate events rather than from earnings forecasts. Built for experienced retail investors, active traders, and HNIs who want a repeatable process for demergers, spin-offs, buybacks, open offers, delistings, rights issues, and merger arbitrage on NSE and BSE. Covers why these events create mispricing, where to find them before the crowd, how to read the scheme documents and SEBI filings that decide the payoff, how to size positions when capital is locked up, and how the post-October 2024 tax rules change the buyback trade. Anchored in real Indian cases including Jio Financial Services, ITC Hotels, Siemens Energy India, Tata Motors, TCS and Infosys buybacks, the Reliance and Bharti Airtel rights issues, the Vedanta five-way split, and the HDFC merger, using BSE corporate announcements, NCLT filings, SEBI regulations, and Screener.in throughout.

MODULES

5

DURATION

~3.3 hrs

TRACK

Value Investing

Access Level

LEARNER

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Everything included

Full Text Playbooks

Actionable Exercises

Mobile Reading Mode

Lifetime Updates

Curriculum Breakdown

Chapter 1: Why Special Situations Create Mispricing

3 Lessons

What Makes a Situation Special: Catalysts, Fixed Timelines, and Sellers Who Are Not Looking at Price10 min read

The Greenblatt Playbook, Indianised: Why Index Funds and Institutions Dump Spun-off Shares10 min read

Sourcing Deals in India: BSE Announcements, NCLT Cause Lists, SEBI Filings, and Screener.in Alerts11 min read

Chapter 2: Spin-offs and Demergers

4 Lessons

The Demerger Timeline in India: Board Approval to Listing Day, and Where Prices Actually Move11 min read

Reading the Scheme of Arrangement: Entitlement Ratio, Cost Allocation, Mirror Shareholding, and the Fine Print11 min read

Parent or Child: Deciding Which Side to Own After the Split11 min read

Case Studies: Jio Financial Services, ITC Hotels, Siemens Energy India, and the Tata Motors Split12 min read

Chapter 3: Buybacks

4 Lessons

Tender Offer vs Open Market Buybacks: Mechanics, Signals, and Which One Is Actually Tradeable10 min read

The Acceptance Ratio Game: Small Shareholder Quota, Entitlement, and the Arbitrage Math12 min read

Buyback Tax After 1 October 2024: Deemed Dividend, Capital Loss, and Whether the Trade Still Works11 min read

Case Studies: TCS, Infosys, and the Small-Cap Buyback Trap11 min read

Chapter 4: Open Offers, Delistings, Rights Issues, and Merger Arbitrage

4 Lessons

Open Offers Under the SEBI Takeover Code: Trigger, Offer Price, Timeline, and the Spread11 min read

Delistings: Reverse Book Building, the Fixed Price Route, and Where Retail Gets Trapped11 min read

Rights Issues and Rights Entitlement Trading: The Discount Is Not the Return11 min read

Merger Arbitrage: Swap Ratios, Deal Spreads, and the HDFC and HDFC Bank Merger11 min read

Chapter 5: Running a Special Situations Portfolio

3 Lessons

Annualising the Return: Capital Lockup, Timeline Slippage, and Comparing Deals on Equal Terms11 min read

What Goes Wrong: Deal Breaks, NCLT Delays, SEBI Objections, and Tax Surprises11 min read

Position Sizing, the Deal Checklist, and Building a Live Watchlist12 min read