CPSE ETF gets ₹3,000 cr on Day 1

Our Bureau Mumbai | Updated on November 28, 2018

The first day retail subscription of Reliance MF’s third further fund offer of its Central Public Sector Enterprises ETF touched ₹3,000 crore.

About 95 per cent of day one investment in the CPSE ETF was from large retirement funds and insurance companies, sources said.

Reliance Mutual Fund targets to raise up to ₹14,000 crore from the third follow on offer of CPSE ETF, which includes a base amount of ₹8,000 crore. The fund is part of the government’s overall disinvestment programme, announced earlier, using the ETF platform.

The government is offering an upfront discount of 4.5 per cent to all categories of investors. The issue closes on November 30.

The anchor investor book of the ETF on Tuesday received subscription of ₹13,000 crore against book size of ₹2,400 crore. It was oversubscribed by 5.57 times with 65 per cent investment coming from foreign institutional investors as the issue opened for institutional investors.

Some of prominent anchor investors include Societe Generale, Bank of America Merrill Lynch, Morgan Stanley, Nomura, ICICI Pru MF, LIC and SBI MF.

Published on November 28, 2018

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