Private sector life insurance company, ICICI Prudential Life said that it has negligible exposure in the troubled IT firm Satyam Computers.

"With assets under management of around Rs 28,000 crore ($5.7 billion), our exposure to Satyam as a percentage of our portfolio is insignificant as of now," ICICI Prudential said in a statement released by the company.

The company was making all efforts to protect the interest of its stakeholders, ICICI Prudential said.  "We are evaluating all possible options with other institutional shareholders to maximise the value for our stakeholders," it said.

The company had strong risk management controls to ensure adequate diversification in the portfolio with negligible concentration risk at any point of time, the statement said.

ICICI was in trouble earlier with the fall of Lehman Brothers as rumours spread about the company being affected. The rumours affected the share price of ICICI Bank and caused uncertainty among its depositors and forced investors to sell shares. 

ICICI Bank PLC had invested nearly $80 million in senior bonds of Lehman Brothers. ICICI then released a statement saying that the amount constituted less than 1 per cent of ICICI Bank UK's total assets and less than 0.1 per cent of the consolidated total assets of the ICICI Group. The statement also clarified that the bank had adequate rupee liquidity. X

Check Out

ICICI files FIR over malicious rumours

India gears up for aftermath of Lehman’s bankruptcy

Infy's Murthy calls Satyam a tainted company

Ramalinga Raju resigns from Satyam board

SFIO to probe Satyam irregularities

Satyam employees panic

Satyam: The Truth will out

Nasscom expresses shock at Satyam fraud

The fall of Satyam, a timeline