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Insurance cos, SBI invest Rs. 835 crore in CPSE ETF New Fund Offer as anchor investors

The Offer is open up to Friday, 21st March 2014.

March 19, 2014 4:26 IST | India Infoline News Service

Life Insurance companies – Bharti Axa Life Insurance Company Limited, General Insurance Corporation of India, Life Insurance Corporation of India, National Insurance Company Limited, The New India Assurance Co. Ltd. and United India Insurance Co. Ltd. – and State Bank of India Limited have invested Rs. 835 crore as anchor investors in CPSE ETF, an open-ended Index Exchange Traded Scheme New Fund Offer.

The Offer is open up to Friday, 21st March 2014. The CPSE ETF offer sized at Rs. 3,000 crore is the single largest public offer in FY2014.

Insurance regulator IRDA had recently allowed insurance companies to invest in equity Exchange Traded Funds (ETFs) with certain conditions. Only passively managed schemes of the mutual funds which are registered with SEBI and governed by SEBI are eligible, IRDA said in a notification.

Managed by Goldman Sachs Asset Management (India) Pvt. Ltd., CPSE ETF is an open ended scheme to be listed on the Exchanges in the form of an Exchange Traded Fund (“ETF”), which tracks the central public sector enterprises (“CPSE”) Index.

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