NEW DELHI: The single-day additional offering of Bharat-22 Exchange Traded Fund (ETF) turned out to be a roaring success as the Rs 3,500 crore offer got subscribed over 14 times, aggregating approximately Rs 50,000 crore.
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he proceeds from the ETF sale would help the government meet its Rs 80,000 crore disinvestment target set for the current financial year.
“Bharat-22 ETF (additional offering) received applications aggregating approximately Rs 50,000 crore and was subscribed over 14 times in one day,” ICICI Prudential AMC, the manager of the issue, said in a statement.
The Additional Offering Period (AOP) set a new record in the ETF space and mutual fund industry in terms of single-day fundraising for an investment product, ICICI Prudential claimed.
The total number of applications received was nearly 1.25 lakh.
The proceeds from the ETF sale would help the government meet its Rs 80,000 crore disinvestment target set for the current financial year.
The foundation of Bharat-22 ETF was laid in Union Budget 2017 and this was the third tranche.
The government has so far raised Rs 22,900 crore through Bharat-22 ETF. While Rs 14,500 crore was raised in November 2017, another Rs 8,400 crore was raised in June 2018.
This was the second ETF offering by the government this financial year, which ends in March. In November last year, the government had raised Rs 17,300 crore through a follow-on offer of CPSE ETF, which comprises shares of 11 public sector enterprises.
The ETF features central public sector enterprises (CPSEs) cush as ONGC, IOC, SBI, BPCL, Coal India and Nalco.
