Bharat 22’s Further Fund Offer to open on June 19

June 14, 2018

The Further Fund Offer of ICICI Prudential managed Bharat 22 Exchange Traded Fund. It will open for subscription on June 19. This FFO is part of the Government of India’s overall disinvestment programme, announced earlier by the Department of Investment and Public Asset Management (DIPAM), Ministry of Finance, using the ETF route.

Rs 6,000 crore via FFO is been raised by ICICI Prudential AMC, with an option to retain oversubscription, subject to Government of India’s approval.

In the Budget speech of 2017, the government of India had announced its plan to achieve a divestment target of Rs 72,500 crore in the financial year 2017-18. It has been set up as one of its method to obtain the target. As informed earlier, Bharat 22 ETF is an open-ended Exchange Traded Fund that will invest in similar composition and weightages. This is because it appears in Bharat 22 Index. The Bharat 22 index invests a maximum of 15% in a single stock and 20 per cent in a particular sector.

The scheme will be managed by the ICICI Prudential AMC under the supervision of the government of India. The government has appointed ICICI Prudential AMC to create, launch and manage Bharat 22 ETF. Particularly, the funds will be managed by Mr. Kayzad Eghlim.

For retail investors, the NFO will be open for subscription from November 15 to November 17, 2017. One can submit the applications to invest in Bharat 22 ETF through NFO. You can submit the application online as well as offline. If you wish to submit the applications offline then you can approach any of the service centers of ICICI Prudential AMC or CAMS. However, for online application, you need to visit the ICICI Prudential AMC website. Or you can also sign in through the IPRUTOUCH mobile app and other platforms like BSE Star MF, MF Utility, CAMSONLINE, etc. Applicants must compulsorily hold a Demat account in which the allotted units will be delivered.

 

About nehanchal

I am Nehanchal. 3 years ago, I started my career as content writer at Money classic Research. I am fascinated with this job and I feel habit of reading and writing enhances your skills. I love to write technical and health blogs. However, I am engineer turned writer and pursued graduation at Rajiv Gandhi Prodyogiki Vishwavidhyalaya.
By: nehanchal

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