Bharat Bond ETF scheme's 2nd tranche oversubscribed over 3 times

New Delhi, July 18 Centre backed Bharat Bond Exchange Traded Fund (ETF) schemes second tranche was oversubscribed more than three times, a senior official said on Friday.

According to T.K. Pandey, Secretary, Department of Investment and Public Asset Management, the second tranche has seen an estimated collection around Rs 10,000 crore with wide participation across categories.

"Final numbers are still being tallied and will be released by Monday," he tweeted.

The second tranche of ETF was launched on July 14 with two new series, after the successful launch of the initial series of ETFs in December 2019.

The scheme is an initiative of the Government of India, from the Department of Investment and Public Asset Management and the latter has given the mandate to Edelweiss AMC to design and manage the product.

The two new Bharat Bond ETF series will have maturities of April 2025 and April 2031.

The ETF will invest in constituents of the NIFTY BHARAT Bond Indices, consisting of AAA rated public sector companies, an Edelweiss statement had said.

( With inputs from IANS )