Life Insurance Corp. of India Ltd. has told the exchanges that its exposure to Adani Group stands at 0.975% of its total assets under management at book value.
In a filing on Monday, the insurance company said that the total amount it has invested in Adani Group companies stands at Rs 36,474.78 crore as of date. And as of September 2022, the total AUM under the insurer was Rs 41.66 lakh crore, it said in the statement.
LIC informed the exchanges that its total holding under equity and debt is Rs 35,917.31 crore under the Adani Group of companies, as on Dec. 31, 2022.
The total purchase value of equity purchased over the last many years by all the Adani Group companies is Rs 30,127 crore, it said. The market value for the same, as at the close of market hours on Jan. 27, 2023, was Rs 56,142 crore. This equates to mark-to-market gains of Rs 26,015 crore.
"These investments have however been made over a period. Further, it may be appreciated that the credit rating of all of the Adani debt securities held by LIC is AA and above, which is in compliance with the IRDAI investment regulations as applicable to all life insurance companies," LIC said.
Shares of Adani Enterprises closed 4.21% higher at Rs 2,878.50, against a 0.29% rise in the Sensex.
Disclaimer: Adani Enterprises is in the process of acquiring a 49% stake in Quintillion Business Media Ltd., the owner of BQ Prime.
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