Get Instant Loan up to ₹10 Lakh!
Total exposure to Adani group stocks at 0.975%, says LIC
LIC said it has Rs. 35,917.31 crore under equity and debt at the end of December in Adani group stocks
Insurance behemoth Life Insurance Corporation of India (LIC) on Monday said it has 0.975 per cent of its total assets under management at book value in Adani Group companies.
Life Insurance Corporation (LIC) said it has Rs. 35,917.31 crore under equity and debt at the end of December in Adani Group stock. It said the total purchase value of equity under all Adani group companies is Rs. 30,127 crores and the market value for the same on January 27, 2023 was 56,142 crores. The total amount invested under Adani Group amounts to Rs. 36,474.78 crores to date, said LIC in its statement.
"The total purchase value of equity, purchased over the last many years, under all the Adani group companies is Rs. 30,127 Crores and the market value for the same as at close of market hours on January 27th, 2023 was Rs.56,142 Crores. The total amount invested under Adani Group amounts to Rs. 36,474.78 Crores as on date," LIC said.
The total assets under management by LIC are over Rs. 41.66 lakh crore as at September 30, 2022.
LIC said that the credit rating of all of the Adani debt securities held by it are AA and above which is in compliance with the IRDAI rules
"Further it may be appreciated that the credit rating of all of the Adani debt securities held by LIC are AA and above which is in compliance with the IRDAI investment regulations as applicable to all the Life Insurance companies," the statement added.
This comes at a time when US short-seller Hindenburg Research has accused Gautam Adani's group of stock manipulation, fraud schemes, high debt levels, and the use of tax havens among others.
Life Insurance Corporation (LIC) on Monday revealed that they are reviewing Adani Group's over 400-page response to allegations raised by Hindenburg Research. It plans to hold talks with the conglomerate's management within days.
After the closing hours, Adani Group's stocks recorded a ₹1,53,502.39 crore erosion in market cap on Monday.
Catch all the Business News , Corporate news , Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
MoreLess
First Published:30 Jan 2023, 08:22 PM IST
- Top Gainers
- Top Losers
- 52 Week High