When you look at a company is the management considered the most important? I am here talking about the Life Insurance Corporation. It invested in the General Insurance Corporation to rescue its IPO. The IPO had floundered. GIC IPO was at “According to market players, LIC alone had put in a bid that was worth between Rs 4,500-6,000 crore. The insurer does not disclose its buying and selling figure …

“GIC Re IPO subscribed 1.37 times, LIC accounts for over 50% of the bids.If the IPO is priced at Rs 912 a share, the Centre, which sold 107.5 million shares in the IPO, will raise Rs 9,800 crore… GIC Re raised Rs 1,560 crore in the IPO, to be used for augmenting its capital base.”

The IPO was at the price band of Rs 855-912. It opened at at Rs 857.50, a 6% discount to issue price.
This is just one example of its Bhamashah like acts to rescue companies with bad prospects, often at a loss to the LIC.
It is heavily invested into the Adani Group, which the retail investors, the cautious ones, have shunned because of high valuations.
It has profited, like many retail investors did, from the dizzying pace at which the shares have flown skywards.
One thought that the LIC had learnt its lessons. But it looks like it never will, till it acts on the directions of the govt of the day.

Disclaimer: Was invested in LIC. Have dumped it.