Hindenburg report: LIC seeks clarification from Adani Group
Mumbai: A senior official of the Life Insurance Corporation (LIC) has said that a clarification will be sought from the Adani Group regarding the Hindenburg Research report.
The release of the report, alleging irregularities by the Adani Group, caused uproar in the stock market in three sessions, with the share price of the Adani Group plummeting in the market.
LIC has said that, over the years, it purchased Adani stocks worth Rs 30,127 crore and which stood at a value of Rs 56,142 crore on January 27, reports Times of India.
The insurance agency, which has a total of Rs 41.6 lakh crore as assets under management (AUM) as of September 2022, has said in a statement issued on Monday that the holding of the Corporation under equity 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,” LIC has said.
The statement was issued in response to the media speculation regarding LIC exposure to Adani Group. LIC has said that, in terms of book value, its investments in Adani Group are less than 1% of its AUM. Raj Kumar, LIC managing director, has said that the agency took a long-term view at its investment ‘unless there is something going very bad”.
“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,” the MD added.
LIC invested Rs 300 crore, which amounts to 5 per cent of the anchor portion in Adani Enterprises’ follow-on public offer (FPO). The Corporation holds a 4.2% stake in Adani Enterprises, 9.1% stake in Adani Ports and nearly 6% in Adani Total Gas, although, according to sources, the Adani Group was not LIC’ top investment.
With Raj Kumar’s term as MD ending on January 31, the government has appointed M Jagannath as the new MD of LIC.
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Eshwarappa alleges alliance between Congress and BJP
Shivamogga: Independent candidate KS Eshwarappa has refuted any intention of withdrawing from the election fray, dismissing rumors suggesting otherwise. He said false rumors are being spread to confuse his supporters and affirmed his resolve not to withdraw even if Brahma- Modi ask him to do so.
Eshwarappa addressed Madhu Bangarappa's objection to his characterization of him as a dummy candidate from the Congress party, stating that he stands by his statement. He noted a perceived compromise between Congress and BJP, pointing out a lack of proper campaigning by Congress and a mutual absence of criticism between Madhu Bangarappa and Raghavendra. Eshwarappa shrugged off criticism, asserting his focus on the electoral race. He further spoke about aligning his actions with this principle as an RSS worker.
Gulihatti Shekhar, Kachinakatte Satyanarayana, Mahalinga Shastri, Gangadhar Mandenakoppa, Shivaji, Rajanna, Thippeswamy, Vishwas, and others were present at the press conference.
