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The government has raised Rs. 14,500 crore through the Bharat 22 exchange traded fund (ETF), comprising 22 stocks, making it one of the largest disinvestment by Government of India.
Bharat 22 ETF was launched by ICICI Prudential Asset Management Company Limited (AMC) under which the Government of India offered stake in central public sector enterprises and certain private sector enterprises in which the Government has holding through SUUTI.
SNG & Partners advised the Government of India on this largest new fund offer.
The SNG team was led by Partner and Head of Corporate Practice Amit Aggarwal, along with Senior Associate Aditya Vikram Dua.
Perkins Coie advised the Government of India on the non-Indian law aspects of the transaction led by Bobby Majumdar.
The new fund offer, which was envisaging a subscription amount of Rs. 8000 crore, received a thumping response from the investors and was over-subscribed 4 times. Seeing the response of investors, the Government decided to retain Rs. 14,500 crores making the new fund offer of the Bharat 22 ETF the largest new fund offer in the history of mutual fund industry in India.