Amid heavy selling in all 10 Adani Group stocks since January-end, life insurance major LIC marginally increased its holdings in at least four companies, quarterly shareholding disclosures by companies showed. The shareholding data of Adani companies, as of March 31, 2023 also showed that retail investors increased their stakes in most of these stocks while mutual funds cut their exposure.
LIC grew its interest in Adani Green Energy, Adani Total Gas, Adani Transmission, and Adani Enterprises during the March quarter, maintained its exposure to ACC, and decreased its stake in Adani Ports and Ambuja Cements.
The three remaining members of the group, Adani Power, Adani Wilmar, and NDTV, have not disclosed any ownership by LIC. This can be the case either because the life insurance major owns no shares of these companies or less than 1% of each. According to listing regulations, only shareholders who own 1% or more of a company's shares must have their identities revealed to exchanges.
According to the most recent shareholding patterns of Adani companies, individual investors raised their position in the group's main company, Adani Enterprises, by more than a percentage point to 7. 9%, while mutual funds decreased their investment in the business to 0. 9% from 1. 2%. Foreign funds increased their stake in the company to 17. 8% from 15. 4% but this was largely because on March 2, the promoters sold nearly 4% in the company to GQG Partners, a US-based entity registered here as a foreign portfolio investor (FPI).