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Bharat Bond will invest only in AAA-rated public sector bonds. The ETF with a 3-year maturity will follow the Nifty Bharat Bond Index -April 2023 and the one with a 10-year maturity will follow the Nifty Bharat Bond Index – April 2030.
Edelweiss Asset Management said the Bharat Bond NFO has received applications for around Rs 12,395 crore.
The initial NFO issue size of Rs 7,000 crore was oversubscribed nearly 1.8 times. The three-year category received applications for Rs 6,982 crore, an oversubscription of 2.3 times and the 10-year category received Rs 5,413 crore, an oversubscription of 1.4 times. All the subscriptions will be retained in both categories to accommodate the overwhelming demand. With approximately 55,000 applications received, Edelweiss Mutual Fund’s Bharat Bond NFO witnessed wide retail participation with strong support from digital channels.
According to a press release from the fund house, Bharat Bond will invest only in AAA-rated public sector bonds. The ETF with a 3-year maturity will follow the Nifty Bharat Bond Index -April 2023 and the one with a 10-year maturity will follow the Nifty Bharat Bond Index – April 2030.
Bharat Bond ETF consists of a high-quality basket of public sector companies, as well as liquidity and access to bond markets at a much lower ticket size, said the Edelweiess AMC. Bharat Bond ETF is the lowest cost mutual fund product in India.
'We are delighted to see the overwhelming response that Bharat Bond has received from all categories of investors. We are also happy to bring in India’s first corporate bond ETF to the market and look forward to it being listed soon. This product is an important step in capital market development which will help drive wider investor participation and deepen the bond market. We would like to thank DIPAM (Department of Investment and Public Asset Management) for giving us an opportunity to be a part of such a historic launch,” said Radhika Gupta, CEO, Edelweiss Mutual Fund.
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