MUMBAI: A senior LIC legit has stated that the company will search rationalization at the Hindenburg file from Adani Group. The insurance coverage massive has stated that it has, through the years, bought Adani The shares price Rs 30,127 crore and that they have been valued at Rs 56,142 crore as of January 27.
In a observation issued on Monday, LIC stated that its general retaining underneath fairness and debt in Adani Group is Rs 35,917 crore. “The credit rating of all Adani debt securities held by LIC are AA and above which is in compliance with Irdai investment regulations as applicable to all life insurance companies,” the corporation said. LIC, which has total assets under management (AUM) of Rs 41.6 lakh crore as of September 2022, issued the statement in response to media speculation over the corporation’s exposure to Adani Group. In terms of book value, investments in Adani Group are less than 1% of its AUM, LIC said.
LIC MD Raj Kumar told Reuters that the insurer took a long-term view on its investment “unless there is something going very bad”. He added, “We have to gather all information, clarifications, and a further call will be taken after that. The decision will also be based on an independent risk-assessment, internal risk-assessment, business profile and growth trajectory,” stated Kumar.
In a observation issued on Monday, LIC stated that its general retaining underneath fairness and debt in Adani Group is Rs 35,917 crore. “The credit rating of all Adani debt securities held by LIC are AA and above which is in compliance with Irdai investment regulations as applicable to all life insurance companies,” the corporation said. LIC, which has total assets under management (AUM) of Rs 41.6 lakh crore as of September 2022, issued the statement in response to media speculation over the corporation’s exposure to Adani Group. In terms of book value, investments in Adani Group are less than 1% of its AUM, LIC said.
LIC MD Raj Kumar told Reuters that the insurer took a long-term view on its investment “unless there is something going very bad”. He added, “We have to gather all information, clarifications, and a further call will be taken after that. The decision will also be based on an independent risk-assessment, internal risk-assessment, business profile and growth trajectory,” stated Kumar.
LIC invested Rs 300 crore or 5% of the anchor portion in Adani Enterprises’ FPO. LIC holds a 4.2% stake in Adani Enterprises, 9.1% stake in Adani Ports and just about 6% in Adani Total Gas. Sources stated that Adani Group used to be no longer LIC’s most sensible funding and the highest two have been different industry homes. A Reuters file stated that the company is not likely to make any longer investments within the FPO.
Meanwhile, the federal government introduced the appointment of M Jagannath as LIC’s new MD. Jagannath will take over from Raj Kumar whose time period ends on January 31.