Bharat-22 ETF opens today; government eyes Rs 8K crore

Mae Love
November 15, 2017

"We are delighted to see the overwhelming response received from anchor investors and aiding the Government of India's disinvestment programme".

Government said, "The sector and stock exposure limits help in risk management and reduction of concentration, providing stability to the Index". NHPC, NLC India, NTPC, Oil & Natural Gas Corp, Power Finance Corp, Power Grid Corp of India, Rural Electrification Corp and SJVN are the other constituents of the fund. Through the ETF, ICICI Prudential AMC proposed to raise an initial amount of Rs 8,000 crore plus additional amount subject to approval from the Government of India. The new ETF has 22 companies spread across six sectors compared to just 10 stocks spread across five sectors in the CPSE ETF.

Mayuresh Joshi, Fund Manager, Angel Broking said, "The composition of Bharat 22 ETF is such that only large cap, dividend paying companies are available. The disinvestment programme now forms the core of the government's investment strategy", Department of Investment and Public Asset Management (DIPAM) Joint Secretary Anuradha Thakur said.

ICICI Prudential launched Bharat 22 ETF, which will invest primarily in PSU companies and private companies in which government wants to divest stake.

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"The BHARAT 22 ETF is an excellent avenue for investors to participate in some of the best companies with high future grown potential. Over the next three days, we look forward to active participation from Non Anchor Investor category who have the opportunity to participate in the India growth story, at a discounted price, through this attractive long term investment opportunity", ICICI Prudential Mutual Fund managing director and chief executive officer (CEO) Nimesh Shah said in a statement.

While for retail individual investors (RII) - the minimum application amount has been set at Rs 5000 and Rs 2,00,0001 each for RFs, QIBs and non-institutional investors (NII).

An ETF is a traded security that tracks an underlying asset like a group of companies or commodity.

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