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.
