Adani: Why did LIC, SBI become anchor investors in Adani FPO despite price dropping below issue price, Congress asks | India News

NEW DELHI: On the 13th day of the party’s question-a-day to Prime Minister Narendra Modi asking him to explain the government’s “connection” with the embattled Adani group, Congress alleged that a Union minister dialled the family offices of Indian industry majors and “pressured them” to invest their person funds in the Adani FPO to save Gautam Adani the blushes after the Hindenburg report led to the group shares tanking.
“Does this not represent a conflict of interest worth investigating? Did this Union Minister act on instructions from you?”, Congress asked.
Alleging that the government used public money, aside from calling in favours, party communications chief Jairam Ramesh also said the government must break its silence and explain how anchor investors in the Adani Enterprises FPO — LIC, SBI and SBI Life Insurance Company — participated in the FPO even though its market price had dropped far below the issue price, and that both LIC and SBI already owned large chunks of Adani Group equity.
“Were instructions issued to LIC and SBI to deploy the savings of crores of Indians to once again bail out the Adani Group?”, Congress communications chief Jairam Ramesh said.
Congress, which has been trying to put the government on the mat over the Adani issue and has been holding countrywide demonstrations and press conferences to double down on the party’s allegation of cronyism against the Modi government, also alleged on Saturday that the government shared relevant information about the proposed cancellation of the Adani with a “select few”, an act it said was in “violation” of Indian securities regulations and unethical.