Mumbai, Oct 4 (IANS): The fourth tranche of Bharat-22 exchange traded fund received an huge response from institutional players on Thursday with the portion reserved for anchor investors garnering bids worth over Rs 13,500 crore, around 27 times the size.

The ETF issue that opened on Thursday received subscriptions from investors like mutual funds, foreign portfolio investors, and insurance funds. The follow-on fund offer will open for subscription for retail and other institutional investors on Friday. The investors would get a 3 per cent discount over the issue price.

ICICI Prudential Mutual Fund is managing Bharat-22 ETF's fund offer, through which the government aims to raise an initial amount of Rs 2,000 crore with a green-shoe option to retain over-subscription.

The FFO 2 is a part of the larger disinvestment programme announced by the Department of Investment and Public Asset Management (DIPAM), under the Union Finance Ministry.

"We are happy to see the continued support received from anchor investors towards the FFO 2 of ICICI Prudential managed BHARAT 22 ETF. Now, we look forward to active participation from Non-Anchor Investor category tomorrow, whereby one has the opportunity to own some of the jewels of Corporate India at a discounted price," said Nimesh Shah, MD & CEO, ICICI Prudential AMC.