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Reliance Nippon Life Asset Management (RNAM) filed a draft document with the Sebi financial market regulator for the fourth tranche of the CPSE Exchange Traded Fund
. – Rs 3,000 billion in the first tranche in March 2014, Rs 6,000 million in the second tranche in January 2017 and Rs 2,500 million in the third tranche in March 2017.
CPSE ETF, which operates as a mutual fund, includes 10 PSU – CGSB, Coal India, IOC, Gail India, Oil India, PFC, Bharat Electronics, REC, Engineers India and Container Corporation of India certificates. [19659002] Fundraising will help the government to move closer to the disinvestment target of Rs 80,000 crore for the current budget. Until now, he has used more than 9 million rupees.
In accordance with the draft filings with the Indian Securities and Exchange Council (Sebi), RNAM applied for the third FFO (other fund) offering from the central public sector enterprises. Exchange Traded Fund or CPSE ETF
The government has already appointed ICICI Securities as advisor for the fourth tranche of CPSE ETF.
The advisor would be required to advise the government on all aspects of initiating the proposed follow-up. offer of funds or participation or tranche of the CPSE ETF scheme / index.
The first tranche of CPSE ETF was managed by Goldman Sachs MF and then bought by RNAM in October 2015. The Ministry of Finance then gave the go-ahead for the transfer of management from CPSE ETF to RNAM.
After the closing of FFO, the units will be listed on the stock exchange in the form of an ETF monitoring the Nifty CPSE Index.
(This article has not been modified by Business Standard staff and is generated automatically from within a syndicated thread.)
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