Bharat-22 ETF Likely To Be Launched In November
Bharat-22 ETF is likely to be launched next month after the launch of IPO of New India Assurance.
An inter-ministerial panel headed by Finance Minister Arun Jaitley today finalised the launch date and quantum of issuance of the Bharat 22 Exchange Traded Fund.
The ETF, which comprises of 22 scrips of public sector units, banks and those entities in which the government holds a minority stake, is likely to be launched next month after the launch of IPO of New India Assurance, government officials said on the condition of anonymity.
The Department of Investment and Public Asset Management today received the ministerial panel’s nod for tranche size and launch date, they said without sharing further details.
Petroleum Minister Dharmendra Pradhan, Urban Development Minister Hardeep Singh Puri, Railway Minister Piyush Goyal and Power Minister RK Singh are among those on the 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).
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.