Free Press Journal

Bharat 22 ETF opens today, may raise Rs 8,000 crore

FOLLOW US:

Mumbai : The Bharat-22 exchange traded fund (ETF) that aims to raise an initial amount of Rs 8,000 crore for government, will open for investors on Tuesday and end on November 17.

The ETF, which is a diversified portfolio of 22 blue chips, will open for anchor investors tomorrow and for non- anchor investors on November 15 and close on November 17. This ETF is a part of government’s overall disinvestment programme, which has set a target of realising Rs 72,500 crore this fiscal. “Bharat 22 ETF aims at bring broad-based ownership pattern to public sector enterprises.

The disinvestment programme now forms the core of government’s investment strategy,” joint secretary at the Department of Investment and Public Asset Management Anuradha Thakur told reporters here. While the initial issue size for the ETF is Rs 8,000 crore, we can also consider going beyond looking at the response, she added, reports PTI. A discount of 3 per cent has been offered to all categories of investors. “The ETF is well diversified with investments across six core sectors, including industrials, finance, utilities, energy, FMCG and basic materials, and offers good investment opportunity and expect an overwhelming response to this new fund offer,” Thakur added.