Buy-back price range requires disclosure and floor tests; bids set final price, valuer or market fixes lower limit. Regulation 22B requires disclosure of the maximum buy-back price and book value, an offer opening announcement, and sets the lower end floor: for frequently traded securities the higher of the closing price on the Notice date and the fifteen day VWAP before Board intimation, and for infrequently traded securities the price per a registered valuer's report. Final buy-back price depends on bids within the range, and specified material price movements may be excluded when calculating the lower end under the stated disclosure framework.