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Reliance Mutual Fund’s CPSE ETF further fund offer received bids of approximately ₹12,000 crore, that is, over two-and-a-half times the base issue size of ₹4,500 crore. Applications came from two lakh investors from 300 cities and towns. The fund offer, the largest disinvestment programme by a government using the ETF mechanism, was also the largest fund offering by any mutual fund in India till date. Anchor investors had submitted bids for ₹6,000 crore the day before the offer was open to other investor classes.
Morgan Stanley, Nomura, Kotak MF, SBI Bank, and LIC were among the prominent domestic and foreign institutions that participated as anchor investors.
The non-anchor portion of the offer was largely subscribed to by retail investors and pension funds, both domestic and foreign. Investors across all categories will receive 5 per cent upfront discount.
The fund will invest in stocks, constituting the Nifty CPSE Index in the same proportion as the Index, and will include investments in ONGC, Coal India, Indian Oil Corp and GAIL India.
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