LIC has purchased 1 Cr shares for 2% stake in Adani Enterprises for Rs.548 Cr.

LIC bought 50 lakh shares each of Adani Enterprises on NSE and BSE at an average price of Rs 548 per share from a foreign institutional investor - Lotus Global Investments.

As on March 2010, Lotus Global Investments Ltd held 3.27% stake in Adani Enterprises, while LIC had less than 1% stake in the company.

LIC's major investments in 2010:
It has been investing huge amounts in large-cap stocks like Reliance Industries, Essar Oil, Tech Mahindra in 2010.
In January, LIC bought 2.58 Cr Reliance Industries shares for Rs.2,675 Cr. and Tech Mahindra shares from AT&T in beginning of May 2010 for Rs.560 Cr..
LIC emerged as the biggest subscriber and bailed out two mega follow-on issues of NTPC and NMDC, following poor response from other institutional investors.

Transaction Reference: BL

Adani Enterprises Ltd is the flagship company of the Adani Group. It operates in four business verticals - energy, agro, metals and minerals.
Adani Enterprises Limited primarily engages in trading commodity products in India and internationally. The company involves in a range of agro commodities trading, such as grains, pulses, castor and soya, oil and oil meals, and food grains; edible oil; and fruits and vegetables.

Earlier this month, Adani Enterprises planned to raise Rs.4,000 Cr via QIP and had already raised Rs 1,400 Cr via rights issue in the last quarter.

Also this year in April, the company approved the merger of seven promoter group entities of Mundra Port & SEZ with it.

Adani Enterprises reported consolidated net profit of Rs 339.8 Cr for Q4 of 2010 as against Rs 166 Cr in Q4 2009. and consolidated net sales declined to Rs. 7,824.5 Cr from Rs. 8,654 Cr in the same period.

Its net profit soared 82.17% to Rs 919.30 Cr on 1.18% fall in net sales to Rs.25,873.89 Cr in the year ended March 2010 over the year ended March 2009.

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