LIC Investment in Adani Stocks: Public sector insurance company LIC (Life Insurance Corporation) has given clarification regarding investment in companies of Adani Group. LIC has said that in the last several years it has bought shares worth Rs 30,129 crore in Adani Group’s company. For the last three trading sessions, huge fluctuations are being seen in the shares of Adani group companies, after which LIC has to give this clarification.
LIC bought shares worth Rs 30,127 crore
LIC has given this clarification by issuing a press release on January 30, 2023, in which clarification has been issued regarding investment in Adani group companies. LIC said that in the last several years, it has bought shares worth Rs 30,127 crore in the company of Adani Group, whose market value is Rs 56,142 crore on the basis of the closing price of January 27, 2023. According to LIC, the total value of its investment in Adani group companies till 31 December 2022, including shares and debt, was Rs 35917.31 crore. In which the company has invested a total of Rs 30,127 crore in buying shares. And till date LIC’s total investment in Adani group is Rs 36,474.78 crore.
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— LIC India Forever (@LICIndiaForever) January 30, 2023
LIC said that Adani Group has only 0.975 per cent of the book value of its total assets under management. According to LIC, the debt securities of Adani Group have a credit rating of more than AA and hence the investment has been made under the guidelines of IRDAI. The total asset under management of LIC is Rs 41.66 lakh crore.
LIC said that in general it does not make public the information of investment in any company or group. But many types of talks are being done in the media and video channels regarding investment in LIC’s Adani group, so the information about investment in shares and debt of LIC’s Adani group companies has to be shared.
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