New Delhi, June 24 -- The government's stake sale in Indian Railway Finance Corporation Ltd (IRFC) received a strong response from institutional investors on Wednesday, with the issue subscribed 1.86 times on the first day. The Centre has decided to exercise the greenshoe option in view of the robust demand, enabling it to sell an additional 1% stake in the state-run company.

The Department of Investment and Public Asset Management (DIPAM) secretary Arunish Chawla said in a post on X that the offer for sale (OFS) had been subscribed 1.86 times on the opening day and that the government would exercise the greenshoe option to meet excess investor demand.

"Retail investors and eligible employees can place bids on Thursday," said Chawla.

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