LIC continues to bet big on Adani FPO, net gainer despite share price rout
Life Insurance Corporation (LIC) is ploughing more money into Adani group’s flagship firm as it continues to be a net gainer despite the plunge in stock prices following a short seller’s fraud allegations, filings and stock market data showed.
LIC, India’s largest life insurer, invested about Rs 300 crore in buying 9,15,748 more shares as an anchor investor in a Rs 20,000-crore new share sale by Adani Enterprises Ltd, according to a stock exchange filing of AEL.
The shares that LIC picked totalled 5 per cent of the stocks reserved for anchor investors.
In all 33 institutional investors put in Rs 5,985 crore as anchor investors in AEL. LIC already had 4.23 per cent stake in AEL, just like it has holding in other six listed companies of Adani Group.
