A state-owned company Life Insurance Corporation (LIC) on Monday stated that. Its total exposure to Adani Group companies is less than 1 percent. Of the overall assets under management (AUM) according to book value. In the press release, LIC said that its exposure to Adani Group of companies in the debt and equity segments is 35,917.31 crores at the end of December 31st, 2022.
The insurer claimed the value of this
as of the end of the market hours on the 27th of January 2023, was 56,142 crores. Adani Group firm’s stocks have been impacted by an investigation by short-sellers in the US Hindenburg Research. Hindenburg Research indicated it was able to prove that Adani Group had engaged in “a brutal stock manipulation scheme as well as a fraudulent accounting scheme”. The research also claimed that the group was guilty of sloppy use of offshore tax havens, and raised worries about the company’s excessive debt.
LIC declared
“In the ordinary course of business, LIC does not share specifics about its company or industrial group-specific investments. However, since certain information is circulated in various articles published in the media as well as Video Channels about LIC’s exposure to the Adani Group of firms, we’re releasing this information in order to communicate the truth about our involvement in the Adani company group, both in credit and equity segments.”
“LIC’s total equity and debt stood at Rs 35,917.31 crore . As of the 31st of December, 2022 in the Adani Group of companies. The total value of the purchase for equity, acquired in the past few years, in every one of the Adani Group companies is Rs 30,127 crore. The market value of the same at the time of closing the market on Jan 27, 2023, was 56,142 crore. The total amount of capital invested by Adani Group amounts to Rs 36,474.78 crore at the time of writing. However, these investments were placed over a long period of time,” said LIC in its announcement.
The total assets under management by LIC
exceed 41.66 lakh crore at the time of September 30th, 2022. Thus, LIC’s exposure to the Adani group at the time of writing is 0.975 percent of the total AUM at book value the state-owned insurer stated. “Further It can be noticed that the credit ratings for all Adani debt securities owned by LIC are at least AA or higher which is in accordance with the IRDAI investment regulations that apply to all insurers of life,” LIC added.
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