Nation’s greatest institutional investor, Life Insurance coverage Company of India (LIC), in a clarification on January 30 mentioned that the market worth of its holding within the Adani Group’s corporations stood at Rs 56,142 crore on January 27, 2023 towards the full buy worth of fairness of Rs 30,127 crore. These figures confirmed that the insurance coverage behemoth has made enormous cash within the Adani group of shares regardless of the current selloff since January 25, 2022. LIC’s complete holding below fairness and debt of Adani group was Rs 35,917.31 crore as on December 31, 2022.
In a regulatory submitting, LIC additional mentioned that these investments have, nevertheless, been remodeled a time period. “Additional, it could be appreciated that the credit standing of the entire Adani debt securities held by LIC are AA and above which is in compliance with the IRDAI funding laws as relevant to all of the Life Insurance coverage corporations,” LIC mentioned in a launch.
Of late, shares of Adani Group got here below stress after a report by US quick vendor Hindenburg Analysis claiming that the Indian conglomerate had engaged in inventory manipulation and accounting fraud scheme over the course of the previous couple of many years.
Knowledge accessible with Ace Fairness confirmed that LIC held over a 1 per cent stake in corporations like Adani Enterprises, Adani Inexperienced Vitality, Adani Ports, Adani Whole Fuel, Adani Transmission, Ambuja Cements and ACC. Shares of those corporations tanked someplace between 19 per cent and 27 per cent from January 24 to January 27.
In the meantime, Jugeshinder Singh, Group CFO, Adani in a media assertion mentioned, “The report is a malicious mixture of selective misinformation and off, baseless and discredited allegations which were examined and rejected by India’s highest courts.”
The entire belongings below administration by LIC are over Rs 41.66 lakh crore as of September 30, 2022. “LIC’s publicity within the Adani group, as on date, is 0.975 per cent of LIC’s complete AUM at e book worth,” the insurance coverage behemoth mentioned.
