The new exchange traded fund (ETF) announced by finance minister Arun Jaitley in the budget will serve the dual purpose of raising money for the exchequer and helping at least a dozen listed state-run firms achieve 25% public holding before a 21 August deadline, said two people familiar with the development.
The proposed ETF is likely to be managed by ICICI Prudential Asset Management Co. Ltd, which was appointed by the department of investment and public asset management (Dipam), they said. The government has an ambitious target of raising Rs72,500 crore from selling shares of companies it owns in 2017-18.
