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Life Insurance Corporation of India (LIC) on Monday said that it has Rs 36,474.78 crore exposure in bonds and equity of Adani Group and this amount is less than one per cent of the insurer’s total investment. LIC’s total assets under management stood at over Rs 41.66 lakh crore as of September 2022.
Shares of the group’s companies have been continuously falling since the allegations leveled against the Adani group in the report of the American financial research company Hindenburg Research. Keeping this in mind, the country’s largest domestic institutional investor LIC has made this disclosure. LIC tweeted, “Our total investment till date under equity and bonds in Adani group companies is Rs 36,474.78 crore. 35,917.31 crore by December 31, 2022.
The total purchase value of these equity purchases in group companies over the years is Rs 30,127 crore and at the close of market on January 27, 2023, their market value was Rs 56,142 crore. Adani Group has 10 listed companies. LIC did not give any information about its holding in various companies. The insurance company stated that all the debt securities held by it have ‘AA’ credit rating.
LIC as anchor investor to invest Rs 300 crore in Adani Enterprises’ Rs 20,000 crore FPO to buy 9,15,748 shares. He already holds 4.23 per cent stake in the company.
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