Bharat Forge, Adani Enterprises, Aptech, SRF, West Coast Paper are a few notable examples where promoters have either hiked stakes or are planning to increase their shareholding through the creeping-acquisition route in the past few weeks. “Promoters are always in a better position to judge prospects of their own companies. It makes sense buying in the current market if they believe shares are available much cheaper than the true worth of their companies,” said Prithvi Haldea, managing director of Prime Database, a Delhi-based firm tracking primary market trend.
Aptech is another notable example where Rakesh Jhunjhunwala bought 10 lakh shares as persons acting in concert with Aptech Investments, between October 27 and November 4. The open market acquisitions have raised the total promoter holding from 32.3% to 34.5% in the company.
As per Sep 08 shareholding Pattern, Rekha Jhunjhunwala and Rakesh Jhunjhunwala are also the promoters of Aptech Ltd. Rekha Jhunjhunwala is holding 2,000,000 and Rakesh Jhunjhunwala is holding 7,00,000 Shares of Aptech Ltd.