NEW DELHI: The second tranche of the Bharat-22 Exchange Traded Fund (ETF) received bids worth Rs15,436 crore, much higher than the government's fund raising target.
According to data, Bharat-22 ETF, comprising shares of 22 companies, had been targeted to achieve a fund mop up of Rs 6,000 crore with a green-shoe option for another `2,400 crore.
At the end of the bidding on June 22, the ETF had been over-subscribed by 2.57 times the base issue size of `6,000 crore. According to ICICI Prudential Mutual Fund, which is managing the follow-on fund offer (FFO), total bids of 1.2 lakh have been made.
The government is likely to exercise the green-shoe option to retain the additional Rs 2,400 crore worth bids received.
According to Nimesh Shah, MD and CEO at ICICI Prudential AMC, the FFO attracted wide participation across all investor segments. The state-owned companies that are part of the ETF include ONGC, IOC, SBI, BPCL, Coal India and Nalco.