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Bharat Bond ETF subscribed 1.07 times at close, fetches Rs 12,000 crore

Bharat Bond ETF subscribed 1.07 times at close, fetches Rs 12,000 crore

Bharat Bond ETF subscribed 1.07 times at close, fetches Rs 12,000 crore
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By IANS  Dec 21, 2019 6:39:33 PM IST (Published)

The Bharat Bond ETF has closed for subscription on Friday with over-subscription of 1.7 times, accumulating Rs 12,000 crore against its base size of Rs 7,000 crore.

The Bharat Bond ETF has closed for subscription on Friday with over-subscription of 1.7 times, accumulating Rs 12,000 crore against its base size of Rs 7,000 crore.

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"India's first corporate Bond ETF, Bharat Bond ETF, has received a great response from investors across different segments. The issue was over-subscribed approximately 1.7 times, collecting about Rs 12,000 crore. Information is subject to further update," DIPAM secretary Tuhin Kanta Pandey said in a tweet.
The exchange-traded fund will invest only in AAA-rated bonds of public sector companies and will have target maturity structures. The ETF with a 3-year maturity will follow the Nifty Bharat Bond Index-April 2023 and the one with a 10-year maturity will follow the Nifty Bharat Bond Index-April 2030.
The yield as on December 5, 2019, of Nifty Bharat Bond Index-April 2023 is 6.69 percent and the Nifty Bharat Bond Index-April 2030 is 7.58 percent. The government is trying to meet Rs 1.05 lakh crore disinvestment target.
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