Markets

ICICI Prudential launches FPO of Bharat-22 ETF

Our Bureau Chennai | Updated on June 14, 2018 Published on June 13, 2018

Follow-on public offer opens on June 19

The Centre is looking to raise up to ₹6,000 crore through the follow-on public offer of the second tranche of Bharat-22 exchange-traded fund. The ETF will be launched on June 19.

ICICI Prudential AMC proposes to raise up to ₹6,000 crore in this FFO with an option to retain oversubscription, subject to approval of the Centre, the fund house said in a release.

The government had in November last year launched Bharat-22 ETF comprising shares of 22 companies, including PSUs such as ONGC, IOC, BPCL, Coal India and Nalco; public sector banks (SBI, Indian Bank and Bank of Baroda); and ITC, Axis Bank and L&T. The issue had a strong response from investors and the Centre had mopped up ₹14,500 crore.

The current issue will open for anchor investors on June 19, while other investors will be allowed to participate from June 20.

The follow-on offer will remain open till June 22 for institutional and retail investors.

The dividend yield of S&P BSE Bharat-22 Index, which is the underlying of the ICICI Prudential-managed Bharat-22 ETF is approximately 2.6 per cent.

The Bharat-22 ETF closed at ₹35.92 on Wednesday.

Follow us on Telegram, Facebook, Twitter, Instagram, YouTube and Linkedin. You can also download our Android App or IOS App.

Published on June 13, 2018
This article is closed for comments.
Please Email the Editor