The government on Tuesday invited bids from asset management companies (AMCs) for the launch of a new exchange traded fund (ETF) comprising shares of listed central public sector enterprises (CPSEs) and its stakes in other corporate entities.
Though the government did not elaborate on its stake sale plans in corporate entities, analysts said it was an indication towards including some of the stocks of Specified Undertaking of Unit Trust of India (SUUTI) such as ITC Ltd, Larsen and Toubro Ltd (L&T) and Axis Bank Ltd. The government has invited bids from bankers for managing sale of its stakes in these three companies. It holds an 11.17% stake in ITC, 8.16% in L&T and 11.53% in Axis Bank.
