LIC claims multibagger return from its investments in Adani stocks, bonds
Despite heavy sell off in Adani Enterprises shares and other Adani stocks after the Hindenburg Research report raising concern over debt positioning of Adani group companies, the Life Insurance Corporation (LIC) of India has claimed that LIC is sitting on multibagger returns on its Adani group asset investments. As per the Economic Time (ET) report, an LIC executive has claimed that LIC’s investment in Adani group stocks and bonds were around ₹28,000 crore whereas its absolute value is now around ₹56,000 crore, which means the insurance behemoth has got around 100 per cent return on its investments in Adani group assets.
The Life Insurance Corporation of India or LIC of India is sitting on 100 per cent gains on its stock and bond investments in Adani group companies as the total value of its investments in Adani group asset class today is around ₹56,000 crore against an investment of about ₹28,000 crore, a senior LIC executive told, quoted ET. The LIC executive further added that the absolute value of LIC in Adani assets had once surged to the tune of ₹86,000 crore in 2022. An email response from LIC is awaited in this regard.
LIC shareholding in Adani group stocks
As per the latest shareholding data of various Adani group companies available on BSE website, LIC holds 6,55,88,170 Adani Total Gas shares or 5.96 per cent stake in the company. In Adani Ports, LIC owns 19,75,26,194 shares or 9.14 per cent stake in the company. As per the shareholding pattern for October to December 2022 quarter, LIC holds 4,81,74,654 Adani Enterprises shares or 4.23 per cent stake in this Adani group company. Likewise, LIC holds 4,06,76,207 Adani Transmission shares or 3.65 per cent stake in the company.
According to shareholding pattern of Adani Green Energy Ltd for Q3FY23, LIC holds 2,03,09,080 shares or 1.28 per cent stake in the company. In Ambuja Cements Ltd, LIC holds 12,55,89,263 company shares or 6.33 per cent stake in this Adani group company, reveals shareholding pattern for recently ended December 2022 quarter. Similarly, shareholding pattern of ACC Ltd for third quarter of current fiscal informs that LIC holds 1,20,33,271 ACC shares or 6.41 per cent stake in the company.
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Ganesh
http://ganesh@finplay.inFinance enthusiast, Mutual fund expert.