Bharat 22 New Fund Offer (NFO) garners record investments with 329,410 applications
Chennai: India’s most awaited ETF NFO, Bharat 22, garnered a record subscription with 329,410 applications, a historic high NFO. As the registrar and transfer agent for the NFO, Computer Age Management Services (CAMS), successfully processed and allotted units , scaling up its pan India service centers, middle and back offices to function synergistically to receive and process the unprecedented volumes, ensure smooth transaction flow and allotment of nearly Rs. 14,500 crores
Set up by the Govt. of India and managed by ICICI Prudential Mutual Fund, Bharat 22 ETFs comprised stocks of 22 blue-chip public sector units and companies including State Bank of India (SBI), Axis Bank, Larsen & Toubro (L&T), ITC, ONGC, Indian Oil Corporation (IOC), PFC, PGCIL, Nalco, BPCL, NTPC and Bank of Baroda. The mega ETF includes as many as six sectors ranging from finance and utilities to FMCG.
Computer Age Management Services said, “The Government’s drive to achieve the disinvestment target for fiscal year 2017-18 through Bharat 22 NFO has been a great success. As the registrar and transfer agent for ICICI Mutual Fund, we had our network and platform geared for the high volumes envisaged for the NFO. Bharat 22 scaled unprecedented highs in subscription applications and we are delighted to have been part of this initiative to support over 329,000+ applicants participate in the NFO. The allotment process has been completed successfully in record time.”