According to BSE disclosures, the promoters of approximately 100 companies have purchased shares worth Rs 3,600 crore from the open market in the last two months.
Among the top purchases was HDFC Bank's purchase of 3.75 crore shares in HDFC Life for Rs 2,508 crores. Adani group promoters purchased 15 lakh shares in their flagship companies Adani Enterprises and Adani Power on the open market for Rs 382 crore.
Promoters purchasing stock in their companies is viewed positively because they are perceived to be the most knowledgeable about their companies' prospects. Regulations of the Securities and Exchange Board of India allow a promoter to purchase up to 5% of his company's equity from the open market in a fiscal year via the creeping acquisition route.