Reliance Nippon Life Asset Management had filed draft papers with of third follow-on offer of CPSE Exchange Traded Fund last month
Reliance Nippon Life Asset Management manager of CPSE ETF will raise Rs 8,000 crore through the fourth tranche of Central Public Sector Enterprises (CPSE) Exchange Traded Fund (ETF) which is likely to be launched at the end of this month.
The ETF will have a greenshoe option to retain Rs 4,000 to Rs 6,000 crore.
Reliance Nippon Life Asset Management had filed draft papers with a third follow-on offer of CPSE Exchange Traded Fund last month.
The government raised Rs 3,000 through the initial offering of CPSE ETF in March 2014, and Rs 8,500 crore in two tranches in 2016-17 (Apr-Mar).
The government, which aims to collect Rs 8,000 crore from divestment in the current financial year ending March, has so far raised about Rs 15,300 crore, including Rs 5,300 crore through the offer-for-sale (OFS) in Coal India. The government had raised a record Rs 1 lakh crore from divestment in 2017-18.
The government will offer a discount over 3.5 percent in its third CPSE ETF FFO.
After closing of the FFO, the units will be listed on the stock exchanges in the form of an ETF tracking the Nifty CPSE Index.
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