Mumbai: Bharat 22 ETF, backed by ICICI Mutual Fund, has raised more Rs 40,000 crore till 7 pm, sources said. The issue was open for subscription till Thursday. Through the ETF, the government proposed to raise Rs 3,500 crore with the option to retain additional amount as per instructions from the government. The government may retain Rs 10,000 crore.

The follow-on offer of Bharat 22 ETF is part of the disinvestment programme announced by the Department of Investment and Public Asset Management (DIPAM), Ministry of Finance.