Promoters of 100 companies collectively buy shares valued at Rs 3,600 crore

Mumbai: Promoters of about 100 companies have collectively acquired shares valued at Rs 3,600 crore from the open market in the past two months, according to BSE disclosures.

Among top purchases, HDFC Bank bought 3.75 crores shares worth Rs 2,508 crores in HDFC Life. Adani group promoters have bought 15 lakh shares worth Rs 382 crore in their flagship company Adani Enterprises and Adani Power from the open market.

Promoters buying shares of their companies is considered positive as they are perceived to know best about their firms’ prospects. Securities and Exchange Board of India regulations permit a promoter to purchase up to 5% equity of his company in a financial year from the open market through the creeping acquisition route.

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