Everyone is entitled to thier opinion. My take on it is this. We have seen four tender offers now, each resulting in a 5-10% increase in SP between them. Yes its true the shares are being reduced each time, however think how much ROC they are using to do the buyback. My guess is that once the tender offers stop, the ROC will increase and thus we see a divi increase. Until that time, I am satisfied with the 62% I am up in 20 months.
I used to have 110k shares of NRO. I have sold more than 20k to them by the tender offer. And I am ready to buy back more shares once there is a possibility that dividend increase. Right now I have 88K shares.