LIC issued a clarification to the bourses regarding its shareholding in Adani Group shares.
The company said in an exchange filing, “LIC does not usually disclose details about its investments in specific companies and industries as part of normal business operations.
However, in response to misinformation in the media and video channels about LIC's connection to the Adani Group, we are releasing information to provide accurate information about our equity and debt investments in the Adani Group.”
LIC's total investment in Adani Group companies through both equity and debt as of December 31, 2022, is Rs35,917.31 crore.
The cost of the equity holdings, purchased over a period of time, across all Adani Group companies is Rs30,127 crore, and the market value of those holdings as of the close of market on January 27, 2023, is Rs56,142 crore, said the company.
The company highlighted that as of today, the total amount invested in the Adani Group is Rs36,474.78 crore. These investments, however, were made over time. Furthermore, all of the Adani debt securities held by LIC have credit ratings of AA or higher, which is in accordance with the IRDAI investment regulations that apply to all Life Insurance companies.
At around 11.59 AM, LIC was trading at Rs658.15, up by 0.25% against the previous close of Rs656.50 on NSE. The counter touched an intraday high and low of Rs662.90 and Rs650.80 respectively.
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