GAIL, Coal India form joint venture to boost synthetic gas production
GAIL (India) Limited and Coal India Limited on Tuesday announced the formation of a joint venture, Coal Gas India Limited, to expand the use of synthetic natural gas.
Retail investors of Reliance Mutual Fund Central Public Sector Enterprises-Exchange Traded Fund (CPSE ETF) have, on the final day on Friday, bid for Rs 9,200 crore, that is, over 3.7 times of Rs 2,500 crore issue size, the company announced here.
Reliance Mutual Fund, a part of Reliance Capital, plans to raise Rs 2,500 crore through its second further fund offer (FFO) of its CPSE ETF.
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Over 1.2 lakh retail applications were received for the second FFO. Institutional portion was oversubscribed 7.6 times while retail portion was subscribed two times.
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This is the third tranche on offer. Through two tranches earlier, the government raised Rs 3,000 crore in March 2014 and Rs 6,000 crore in January 2017, respectively.
"We, as Reliance, are delighted to have raised subscription interest of over Rs. 23,000 crore in the ETF in last two months leading Ato disinvestment of Rs 8,500 crore. This clearly shows the future potential of fund raising through ETFs," said Sundeep Sikka, CEO, Reliance Mutual Fund.
CPSE ETF, comprises scrips of 10 PSUs namely ONGC, Coal India, IOC, GAIL (India), Oil India, PFC, Bharat Electronics, REC, Engineers India and Container Corporation of India.
On Tuesday, anchor investors of CPSE ETF bid for Rs 5,700 crore, that is, over 7.5 times of Rs 750 crore of reserved quota.
Some of the anchor investors who participated in the bid on day one are BNP Paribas, Morgan Stanley, SocGen, CitiGroup while the domestic investors include LIC, Exide Insurance, SBI Bank, Axis Bank and Canara Bank.
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