Life Insurance Corporation said on Monday that its exposure in the Adani Group is 0.97 per cent of its total assets under management at book value. LIC’s AUM( Assets Under Management) was Rs 41.66 lakh crore at the end of September last year.
LIC stated in the statement that “LIC’s total holding in Adani Group of companies under equity and debt was Rs 35,917 crore at the end of December, the company said in a note. It said the total purchase value of equity under all Adani Group companies was Rs 30,127 crore and the market value of the same was Rs 56142 crore at the end of January 27, 2023.”
The statement from the state-owned life insurance behemoth comes after the stocks of Adani Group companies were battered after US-based short-seller Hindenburg Research released a report on January 25 alleging stock manipulation, lapses in corporate governance, and financial management in the Group.
It added that “The total amount invested under Adani Group amounts to ₹36,474.78 crores as of date. These investments have however been made over a period.”
LIC emphasised that the credit rating of all the Adani debt securities held by LIC is AA and above which is in compliance with the IRDAI investment regulations as applicable to all Life Insurance companies.
The total Assets Under Management (AUM) by LIC were over ₹41.66 lakh crore as of September 30, 2022.
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