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.

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