LIC’s clarification after the fall in Adani’s shares, the insurance company is in profit of Rs 26 thousand crore
highlights
Currently, the value of LIC’s investment is Rs 56,142 crore.
LIC’s total investment of Rs 30,127 crore in Adani Group
Adani Group has a profit position of Rs 26,016 crore
New Delhi. Adani Group’s shares saw a major decline after the report of the American research firm Hinderberg. The country’s largest insurance company Life Insurance Corporation of India (LIC) also has investment in Adani Group. In many media reports, it was said about the sinking of this investment of LIC. Now the insurance company has given clarification in this matter.
The Life Insurance Corporation of India said in a statement released on Monday that it is in a position to make a profit of Rs 26,000 crore, not a loss by investing in Adani Group’s shares. The insurance company told that it has invested a total of Rs 30,127 crore in all the companies of Adani Group. At the closing price of Friday 27 January, the value of this investment of LIC was Rs 56,142 crore.
read this also- ‘Nothing but lies in this report’- Adani Group replied in 413 pages on Hindenburg report
LIC will sell all the shares and get Rs 56,142 crore
Simply put, if LIC sells all its investments in Adani Group today, it will get a total of Rs 56,142 crore, which is about Rs 26,016 crore more than its original investment. This means that LIC is currently in a position of profit of Rs 26,016 crore in the shares of Adani Group.
read this also- Adani Group said- FPO will run normally, prices will not be reduced; But bankers want something else
LIC has invested only 0.975 percent of the total AUM
Life Insurance Corporation of India also informed that the investment it has made in Adani Group is only 0.975 per cent of its total Assets Under Management (AUM). The company also stressed that all debt securities of Adani have a rating of ‘AA’ and above, which meets the conditions laid down by the insurance regulator IRDA for investment.
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Tags: Adani Group, Gautam Adani, Life Insurance Corporation of India (LIC)
FIRST PUBLISHED : January 30, 2023, 15:29 IST
