Street signs: EFPO asked to keep powder dry

Shares of Redington (India), the largest distributor for Apple products in India, are buzzing at the bourses following the success of iPhone X

EFPO asked to keep powder dry

The Employees' Provident Fund Organisation (EFPO) has been asked to keep the powder dry for new fund offer (NFO) of Bharat-22 Exchange-Traded Fund (ETF), through which the centre is looking to mobilise more than Rs 8,000 crore. Sources say the pension body, which mainly takes equity exposure through the ETF route, could invest anywhere between Rs 4,000 crore and Rs 5,000 crore in the NFO, which opens for subscription on Tuesday. Bharat-22 ETF is a basket of 22 companies, with Larsen & Toubro, ITC and State Bank of India as its top three holdings.