On Tuesday, Congress leader Rahul Gandhi took a sarcasm by the public sector LIC over an investment of Rs 5,000 crore in Adani Group, saying that public funds are being used to benefit private institutions.
Gandhi said in a post written in Hindi on X, “Money, policy, premium is your; for security, convenience, profit Adani!”
India’s largest integrated transport utility company Adani Ports and Special Economic Zone Limited (APSEZ) said last week that it had raised Rs 5,000 crore through its biggest domestic bond issue so far.
The company said in a statement that APSEZ has raised the funds from the Life Insurance Corporation of India (LIC) through a 15-year non-convertible debenture (NCD). The NCD was raised at a coupon rate at 7.75 percent per annum.
The statement said, “Due to the strong financial position of APSEs and ‘AAA/Stable’ domestic credit rating, the issue was closed at a competitive coupon rate of 7.75 percent per year and was completely subscribed by LIC. Debenture will be listed in BSE.”
Rahul Gandhi has been alleging that the public fund of LIC collected from the insurance premium of the general public has been invested in the Adani Group. LIC is a government -owned domestic financial institution that invests in the Indian stock market.