Agencies
Mumbai: Bharat-22 ETF additional offering that closed received applications worth nearly Rs 50,000 crore as the public offering comprising a basket of PSU stocks was subscribed over 14 times.
This is largest ever single day collection by a mutual fund, ICICI Prudential Asset Management Company said while disclosing the details of the ETF offering, which helped government raise Rs 10,000 crore.
The maximum amount raised during the additional offering of the scheme is Rs 13,000 crore, with the initial amount of Rs 3,500 crore and additional amount of Rs 9,500 crore,” said ICICI Prudential Mutual Fund that manages Bharat-22 ETF.
It is learnt that the fund house will buy stocks worth Rs 3,000 crore from the market as it is going to retain subscriptions worth Rs 13,000 crore.
In one day alone, the additional offering on Bharat 22 ETF attracted about 1.25 lakh applications.
“We continue to believe that investing in this ETF remains one of the best ways of taking exposure to the India growth story,” said Nimesh Shah, MD & CEO, ICICI Prudential Asset Management Company.
Bharat-22 ETF was conceived in the Union Budget 2017. The government has so far raised Rs 22,900 crore through the Bharat-22 ETF. While Rs 14,500 crore was raised in November 2017, another Rs 8,400 crore was raised in June 2018.
The central public sector enterprises (CPSEs) that are part of the ETF include ONGC, IOC, SBI, BPCL, Coal India and Nalco.
(Except for the headline, this story has not been edited by The Kashmir Monitor staff and is published from a syndicated feed.)
