Stock Market

CPSE ETF-5 subscribed six times

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Mumbai: The fourth further fund offer (FFO 4) for state-run companies by Reliance Mutual Fund was subscribed six times the shares on offer, likely prompting the Centre to exercise its entire greenshoe option and garner more funds in this round of stake dilution. As at 5 pm on Friday, the CPSE ETF got subscriptions worth Rs 20,000 crore, compared with the base issue size of Rs 3,500 crore.

The greenshoe option is of Rs 6,500 crore. On March 19, the anchor book was subscribed 5.78 times against the anchor base issue size of Rs 1,050 crore.

The CPSE ETF has a mix of domestic and global institutional investors that include Bank of America Merrill Lynch, Morgan Stanley, Goldman Sachs, JP Morgan, Citigroup and ICICI Prudential MF. “We are delighted with the participation,” said Sundeep Sikka, chief executive officer, Reliance Mutual Fund. The CPSE index includes 11 stocks and the top four holdings - ONGC, Indian Oil, Coal India and NTPC — account for 77.7% of the portfolio. The NFO of CPSE ETF was first launched in March 2014.




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