Making it one of the largest disinvestment by Government of India, through the Bharat 22 exchange traded fund (ETF), comprising 22 stocks, the government has raised Rs. 14,500 crore.Bharat 22 ETF was launched by ICICI Prudential Asset Management Company Limited (AMC), under which the Government of India offered stake in central public sector enterprises and certain private sector enterprises;...
Making it one of the largest disinvestment by Government of India, through the Bharat 22 exchange traded fund (ETF), comprising 22 stocks, the government has raised Rs. 14,500 crore.
Bharat 22 ETF was launched by ICICI Prudential Asset Management Company Limited (AMC), under which the Government of India offered stake in central public sector enterprises and certain private sector enterprises; in which the Government has holding through SUUTI.
The Government of India was advised by SNG & Partners and the team was led by Partner and Head of Corporate Practice Amit Aggarwal, with Senior Associate Aditya Vikram Dua.
The Government of India wad also advised by Perkins Coie on the non-Indian law aspects of the transaction led by Bobby Majumdar.
With a subscription amount of Rs. 8000 crore, new fund offer received an overwhelming response from the investors and was over-subscribed 4 times. Gauging the response of investors, the Government decided to retain Rs. 14,500 crores making the new fund offer of the Bharat 22 ETF the largest new fund offer in the history of mutual fund industry in India.