Bharat-22 ETF offer to open June 19

June 13, 2018 10:42 pm | Updated 10:57 pm IST - MUMBAI

ICICI Prudential managed Bharat-22 ETF Further Fund Offer (FFO) will open for subscription on June 19. ICICI Prudential Asset Management Company (AMC) intends to raise up to ₹6,000 crore in the FFO with an option to retain oversubscription, subject to government approval.

The FFO is part of the government’s overall disinvestment program, announced earlier by the Ministry of Finance, using the ETF route. The FFO is open for all categories of investors, including retail investors, retirement funds and foreign portfolio investors (FPIs) among others, with all investors getting an upfront discount of 2.5%.

According to a statement by ICICI Prudential AMC, the dividend yield of S&P BSE Bharat 22 Index, which is the underlying of the ICICI Prudential managed BHARAT 22 ETF, is approximately 2.6%. In addition, the fund house charges an expense ratio of less than 1 basis point, which is among the lowest in the Indian ETF universe.

The FFO will close on June 22.

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