LIC increased stakes in 4 Adani Group companies in March quarter

12 Apr 2023 , 11:07 AM

During the March quarter, the government-owned Life Insurance Corporation of India (LIC) increased its ownership in Adani Enterprises.

According to data from stock exchanges, the state-owned insurer LIC acquired 357,500 shares of Adani Enterprises, resulting in an increase of its stake in the company from 4.23% in the December quarter to 4.26% by the close of March.

In addition to Adani Enterprises, LIC also raised its ownership in Adani Transmission, Adani Green, and Adani Total Gas during the same quarter. However, the PSU insurer reduced its stakes in Adani Ports and Ambuja Cements. There was no change in LIC’s shareholding in ACC.

LIC had previously stated that its investments are made with a long-term outlook and after thorough due diligence. Furthermore, the company disclosed that its overall investment in the Adani Group constituted less than 1% of its assets under management (AUM) at book value.

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