Monday, 20 November, 2017

Include Bharat-22 ETF in your satellite portfolio

The Bharat 22 ETF an exchange traded fund of 22 blue-chip firms is a part of government disinvestment programme which has set a target of realizing Rs72,500 crore in 2017-18 Divestment secretary speaks about Bharat 22 ETF
Conrad Doyle | 15 November, 2017, 00:57

The NFO will open for anchor investors on Tuesday and for non- anchor investors on November 15 and close on November 17. "In this ETF, the Retirement Fund has been made separate category of investors", a finance ministry statement said.

The ETF, which plans to raise at least ₹8,000 crore, will track the S&P BSE Bharat-22 Index and will consist of 22 stocks of central public sector enterprises, public sector banks and some strategic holdings of SUUTI (Specified Undertaking of the Unit Trust of India). In case of spill-over, additional portion will be allocated giving preference to retail and retirement funds.

These companies would benefit from government reforms and initiatives such as financial inclusion, digitisation, Make in India, Goods & Services Tax (GST) and infrastructure reforms and belong to six sectors like basic materials, energy, finance, fast-moving consumer goods (FMCG), industrials and utilities.

ICICI Prudential Mutual Fund managed Bharat 22 ETF's new fund offer (NFO) has size of over Rs8,000 crore. "We are delighted to see the overwhelming response received from anchor investors and aiding the Government of India's disinvestment programme".

This ETF comprises leading companies from the private sector having an exposure of 39 per cent to the fund while the rest are public sector firms. "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. Among non-anchor investors, retail investors can apply for Rs 5,000 and in multiples of Rs 1 thereafter up to Rs 2 lakh.

Other companies under Bharat-22 are: Maharatanas and Navratanas such as Coal India, GAIL, Power Grid Corporation of India Ltd. (PGCIL), National Thermal Power Corporation (NTPC), Indian Oil Corporation Ltd., Oil & Natural Gas Corporation (ONGC), Bharat Petroleum, and National Aluminum Company (NALCO), three Public Sector Banks such as SBI and Bank of Baroda.

The government had raised about Rs8,500 crore through the two tranches of CPSE ETF last fiscal.

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