Bharat 22 ETF anchor book subscribed six times

Bharat-22 ETF managed by ICICI Prudential to raise Rs 8,000 crore

Bharat-22 ETF will be offered at a discount of 3 per cent to investors (on the reference market price of the index constituents) through a new fund offer (NFO) starting November 14 for anchor investors and November 15 for the rest: retail individual investors, retirement funds, qualified institutional buyers and non-institutional investors. ICICI Prudential Asset Management Company is the fund manager for the ETF. "In this ETF, the Retirement Fund has been made separate category of investors", a finance ministry statement said. As much as 25% of total issue size, or Rs2,000 crore, was reserved for anchor investors who put in bids worth about Rs12,000 crore, ICICI Prudential MF said.

However, Nimesh Shah, MD & CEO, ICICI Prudential Asset Management Company Ltd, said, "We believe the ETF offers an attractive long term investment opportunity to partake in the India growth story by way of a diversified blend of companies spread across several sectors and are available at attractive valuation and a good subscription discount". The fund will invest in 22 stocks in the CPSE universe, which are mostly large cap companies in six sectors - materials, utilities, energy, industrial, FMCG and finance. We take a look at the fund which is part of the government's divestment programme.

Only three public sector banks - SBI, Indian Bank and Bank of Baroda - figure in the Bharat-22 index. The ETF will track 22 companies that make the index. "The ETF is well diversified with investments across six core sectors and offers good investment opportunity and expect an overwhelming response to this NFO", she added.

The Narendra Modi government has set a disinvestment target of Rs 72,500 crore for the current fiscal, of which Rs 46,500 crore is to be raised through disinvestment mode, while Rs 15,000 crore is the target in the case of strategic disinvestment that involves the surrender of government's majority control of the company. It had first launched ETF in March 2014 and had garnered Rs3,000 crore.

Related News:

  • Haters gonna hate: Taylor Swift's 'Reputation' just cracked 1 million sales

    Haters gonna hate: Taylor Swift's 'Reputation' just cracked 1 million sales

    In doing so, it became the fourth consecutive Swift album to sell over 1 million copies during its opening week. According to Hits Daily Double, the album is projected to debut with 1.30-1.34 million pure United States sales.
    India's Oct trade deficit at $14.02 billion

    India's Oct trade deficit at $14.02 billion

    India's trade deficit came at $14.02 billion in October, highest since November 2014, from $8.98 billion in the previous month. Imports, however, grew by 7.6 per cent to $37.11 billion in October from $34.5 billion in the corresponding month a year ago.
    'One Tree Hill' showrunner Mark Schwahn is accused of sexual harassment

    'One Tree Hill' showrunner Mark Schwahn is accused of sexual harassment

    In a series of tweets , Wauchope said she and other women who worked on One Tree Hill , were often times subject to unwanted touching.
  • Exec Says Fox Sports, Televisa Paid Bribes At FIFA Trial

    Forty-two people and entities have been charged in the case, of which 23 have pleaded guilty and two have been sentenced. Fox Sports did not immediately return a request for comment.

    Apple Watch can detect sleep apnea and hypertension, study shows

    Both the startup company and the UCSF collaborated to reveal that the said smartwatch could predict hypertension and sleep apnea. Thus, we wonder how the algorithm of Cardiogram could make a good guess without having to use an equipment.
    NY  fines Credit Suisse $135 mn over forex manipulation

    NY fines Credit Suisse $135 mn over forex manipulation

    The investigation also found executives encouraged traders to engage in "front-running", or trading ahead of known client orders. In late September, the British bank HSBC agreed to pay $175 million to avoid prosecution.
  • GameStop temporarily halts the new PowerPass rental subscriptions

    GameStop temporarily halts the new PowerPass rental subscriptions

    According to GameStop staff speaking to Kotaku's Jason Schreier, the company is suspending the program indefinitely. GameStop's entrance into the game-rental market comes amid the company's continued financial difficulties.

    Activision Blizzard (ATVI) Stake Increased by Graticule Asia Macro Advisors LLC

    Cornerstone Advisors Inc. raised its stake in shares of Activision Blizzard by 321.5% during the 3rd quarter. (NASDAQ: ATVI ). The New Jersey-based Honeywell Incorporated has invested 0.56% in Activision Blizzard, Inc . (NASDAQ:ATVI) for 41,058 shares.

    At least 3 dead in California school shooting, shooter killed by police

    Sheriff's Investigators confirm that there are at least three deaths, including the suspected shooter. A Corning Unified School district employee confirmed there were injuries at the school.
  • Kulicke and Soffa Industries, Inc. (NASDAQ:KLIC) To Release Earnings

    Accern ranks coverage of public companies on a scale of negative one to one, with scores closest to one being the most favorable. Relative volume is the comparison of current volume to average volume for the same time of day, and it's displayed as a ratio.

    Apple nudges out Xiaomi to retake global wearables lead

    This was ahead of 3.6 million fitness trackers and other basic wearables shipped by Xiaomi and 3.5 million by Fitbit . For the July through September quarter, Canalys estimates Cupertino shipped 3.9 million Apple Watch units.

    EPS for Ctrip.Com International Ltd (ADR) (CTRP) Expected At $0.06

    Finally, BidaskClub cut Ctrip.com global from a "strong-buy" rating to a "buy" rating in a research note on Saturday, August 12th. Calamos Advisors Llc increased Varian Medical Systems Inc (NYSE:VAR) stake by 7,297 shares to 37,295 valued at $3.85M in 2017Q2.


Most liked

Gal Gadot has a message for 'misogynist sexists'
Sounds like Affleck likely will play Batman in Reeves film, but that could very well be his final chapter as the superhero. This is even more clear in its suggestion of a world without Affleck's Batman than his recent chat with Extra TV.

Unite the British Isles in Total War Saga: Thrones of Britannia
Creative Assembly has announced yet another historical title to be in the works as the first entry in the Total War Saga series . The series, which focuses on specific periods in history, will have " Thrones of Britannia " as its first entry.

Panthers rookie wide receiver Curtis Samuel out for the season
Samuel was a big part of Carolina's plan coming into the season as the slot receiver because of his speed and playmaking ability. Samuel, a second-round pick from Ohio State, had seen his role increase in the wake of the Benjamin trade.

Newtown Families' Lawyers See Loophole To Sue Gun Manufacturers
The National Rifle Association and other gun rights supporters have submitted legal briefs, as have gun control advocates. The lawsuit, which was filed in 2015, was dismissed in 2016 by a lower court.

Eve Joins 'The Talk' as New Cohost
Previously, Cooper, who goes by Eve , appeared on the show as a guest co-host the week of October 30. The search for Aisha Tyler's replacement on The Talk has come to an end.

Jimmy Kimmel Makes Fun Of Matt Damon's Role In Thor: Ragnarok
But we shouldn't worry too much if he ends up leaving the franchise, because the actor may have found the ideal superhero part. Putting aside the talks about his role in the #DCEU , the actor brought along a really cool birthday surprise.

Sen. Murphy: Trump So 'Unstable' He May Order Nuclear Strike
This is because an enemy ballistic missile launched from the other side of the world could hit the U.S. in barely 30 minutes. Another senator on the panel has drafted legislation proposing to curb the president's power to launch a nuclear attack.

People are convinced Olly Murs' now-deleted tweet is about Melanie Sykes
A source told The Sun that the pair met through a mutual friend and hit it off straight away. They are said to have got close to each other after Sykes' fitness programme .

Congress May Implement Mandatory Sex Harassment Training. Members Say It's Not Enough
Meanwhile, CNN said sexual harassment is so common in DC that women share an unwritten "creep list" of male lawmakers to avoid. She said that when she was just starting her career in politics, the chief of staff in her office sexually assaulted her.

Binge and Flush? Netflix Says 13 Million Users Watch in Public Bathrooms
One in two Indians claimed in the survey that a stranger started a conversation with them over the series/movie that they were watching.

Devastating tremors in Iran and Iraq: the death toll is growing rapidly
Filed with the United Nations within a radius of 15 km from the epicenter of the quake live about 19 thousand people. Tremors were felt also in the Iraqi provinces of Erbil, Halabja and Dohuk, where Kurds live predominantly.

Pokemon GO Adds Alola Outfits to Celebrate Ultra Sun & Ultra Moon
The Move Tutor was missing in Pokemon Sun and Moon which left a lot of fans frustrated. A hat, a shirt, and some new shoes, too.

Jon Stewart reveals his thoughts on the Louis CK scandal
Stewart , who has been friends with Louis C.K. for over 30 years, said he hasn't spoken to the comedian since the fallout. He laughed off the question and answered, "So the Internet said Louis harassed women?" "I didn't see the tweets".

Forgo waistband agony, buy Stove Top Stuffing trousers this Thanksgiving
That certainly takes the edge off the inevitable tryptophan fever dreams about bad fashion decisions. The Stove Top Thanksgiving Pants are $19.98 and come in four (sigh) servings sizes: S, M, L and XL.

Dick's Sporting Goods Inc (DKS) Position Increased by Dimensional Fund Advisors Lp
The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink . November 3 investment analysts at Cowen and Company maintained a company rating of "Hold" with a current price target of $28.00.