What do you mean by surrender of shares?

Surrender of shares refers to the process where a shareholder voluntarily relinquishes their shares back to the company, typically in exchange for a specific value or under certain conditions. This can occur during capital restructuring, share buybacks, or when a company is winding down. The surrendered shares are often canceled or held in treasury, reducing the total number of shares outstanding. This action can affect the ownership structure and the value of remaining shares.