LIC has not received board mandate to invest beyond Rs 300 cr in Adani FPO

Will engage with Adani management for clarifications Hindenburg charges

State-owned Life Insurance Corporation (LIC) will not invest over the board-approved limit of Rs 300 crore in the follow-on public offer (FPO) of Adani Enterprise even as it plans to engage with the business conglomerate to seek clarification over charges made by Hindenburg Research.

In an interaction with Business Standard, LIC’s managing director Raj Kumar said that the insurance behemoth's board approved an investment of Rs 300 crore as anchor investor.

“The investment in the FPO was done with the approval of the board. We have invested Rs 300 crore in FPO as anchor investors. At present, there is no