New Delhi, May 27 -- Investors piled into the government's stake sale in Coal India Ltd, with the offer-for-sale (OFS) drawing bids worth more than eight times the shares on offer on the first day, signalling confidence in the state-owned miner's diversification push.

The issue was subscribed 8.14 times on Wednesday, according to department of investment and public asset management (Dipam) secretary Arunish Chawla.

"The government has decided to exercise the entire green shoe option," Chawla, who has been mandated to raise Rs.80,000 crore through disinvestment and asset monetisation in FY27, said in a post on social media platform X. Retail investors and employees will be able to bid on Friday, he added.

The OFS is part of the governme...