India’s largest institutional investor, Life Insurance Corporation (LIC) seeks clarification on the Hindenburg report from the Adani Group.
The Life Insurance Corporation (LIC) has issued a statement that says, it has over the past years, purchased Adani stocks worth Rs.30,127 crore. This amounts to a market value of Rs 56,142 crore, based on the closing price on January 27.
According to the statement, total Assets Under Management by LIC are over Rs.41.66 lakh crore as of September 30, 2022. Therefore, LIC’s exposure in the Adani Group, as of date, is 0.975% of LIC’s Total AUM at book value.
It further says that the credit rating of all of Adani’s debt securities is ‘AA’ and above, and hence its investments comply with IRDAI (Insurance Regulatory and Development Authority of India) regulations as applicable to all Life Insurance Companies.