The second offering of Bharat 22 Exchange Traded Fund (ETF) has been subscribed over 10 times. The ETFs have been an overwhelming success as the government has already raised Rs 37,700 crore through these offerings, making up for close to 50 percent of its divestment target of Rs 80,000 crore for the fiscal year 2018-19.

Bharat 22 ETF is the vehicle used by the government to divest in 22 companies that include 19 public sector units and 3 private sector units. Public sector units like ONGC, IOC, SBI, BPCL, Coal India and Nalco are part of the ETF.

The base issue size was fixed at Rs 3,500 crore, but after the positive response, the government decided to retain the Rs 10,000 crore received as divestment proceeds. In a single day, that is 14 February, the finance ministry statement said that it was over-subscribed 10 times and received bids for Rs 40,000 crore till 7 pm on the same day.

Adding the proceeds from the ETF and the government's exit of around 3 percent stake in Axis bank held through the Specified Undertaking of the Unit Trust of India (SUUTI), the disinvestment receipts could collate around Rs 65,000 crore.