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Public-sector enterprise focussed exchange-traded fund (ETF), CPSE ETF, has garnered Rs 850-crore from over 6 anchor investors on Tuesday. The fund, which will open for subscription on Wednesday, has been devised by the government to meet its disinvestment target. The new fund offer for the ETF closes on Friday, March 21.
Meanwhile the CPSE Index today rose 1.3 per cent today to 1898.10.
The government aims to raise over Rs 3,000 crore through the ETF which comprises of a basket of 10 public sector companies. Investors applying during the NFO period would be eligible for a 5 per cent upfront discount.
In the CPSE ETF, the government will be divesting the most in terms of value in Oil and Natural Gas Corporation, about Rs 800 crore, and the least in Engineers India, at a little less than Rs 40 crore.
The ETF is likely to be the final disinvestment by the government in the current financial year. Its success will ensure the government meets the year's revised disinvestment target of Rs 16,000 crore.
The ETF will be managed by Goldman Sachs while the benchmark index for the fund has been created by NSE.
