Bharat 22 ETF likely to hit markets on Nov 15

PTI New Delhi | Updated on January 09, 2018


The ‘Bharat 22’ Exchange Traded Fund (ETF) comprising 22 scrips of public sector units, banks and other entities is likely to hit the market on November 15, a senior finance ministry official said today.

All you wanted to know about Bharat 22 ETF

An inter-ministerial panel headed by Finance Minister Arun Jaitley was set up to finalise the launch date and quantum of issuance of the ETF.

“Approvals are in place. It is likely to open for subscription on November 15,” said the official.

The ETF is part of the government’s disinvestment roadmap.

The amount is not decided yet, but could be upwards of Rs 8,000 crore, the official added.

Petroleum Minister Dharmendra Pradhan, Urban Development Minister Hardeep Singh Puri, Railway Minister Piyush Goyal and Power Minister RK Singh are among those on the inter-ministerial panel.

The state-owned companies or PSUs that will form part of the new ETF are ONGC, IOC, SBI, BPCL, Coal India and Nalco.

It also includes government’s strategic holding in Axis Bank, ITC and L&T held through SUUTI (Specified Undertaking of Unit Trust of India).

The other Central Public Sector Entities on the list are Bharat Electronics, Engineers India, NBCC, NTPC, NHPC, SJVNL, GAIL, PGCIL and NLC India.

Only three public sector banks — SBI, Indian Bank and Bank of Baroda — figure in the Bharat—22 index.

The government had raised about Rs 8,500 crore through the three tranches of CPSE ETF last fiscal.

The first CPSE ETF consisted of scrips of 10 PSUs — ONGC, Coal India, IOC, GAIL (India), Oil India, PFC, Bharat Electronics, REC, Engineers India and Container Corporation of India.

Published on October 30, 2017

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