New Delhi, 27/1: India’s largest life insurer is plowing more money into Gautam Adani’s flagship unit, undeterred by a short seller’s fraud allegations that wiped out more than Rs 4,08,122 ($50 billion) of the conglomerate’s market value in two sessions.
State-controlled Life Insurance Corp. of India is spending about Rs 302 crore ($37 million) as an anchor investor in a Rs 20,406 cr ($2.5 billion) new share sale by Adani Enterprises Ltd., according to a filing. The investment would add to its current holding of 4.23 per cent.