The spokesperson confirmed that there were redemptions on the first day of listing.
While selecting the companies for the ETF, they have been conscious about the valuations , said Nimesh Shah, MD & CEO, ICICI Prudential.
According to a CNBC-TV 18 report, the ETF’s first tranche is expected to be released on November 14.
ICICI Prudential AMC, which will manage the ETF, has proposed to raise an initial amount of Rs 8,000 crores
The Bharat-22 ETF will have a greater diversity in its investments, though the Indian Tobacco Company (ITC) will be taking up the lion’s share of the weightage.
According to sources, Bharat-22 comprises of 22 scrips of Public Sector Units, banks and those entities in which the government holds a minority stake.
The new fund offer (NFO) is likely to hit the market by October-end or early November and will have core size of Rs 5,000-6,000 crore with an option to retain oversubscription of same amount.
The open-ended exchange-traded fund will invest at least 95 percent of its corpus in companies constituting the underlying index