NEW DELHI, June 9 -- The Centre's offer for sale (OFS) of up to 3% stake in state-run NLC India Ltd drew strong institutional demand on the first day, getting oversubscribed 5.22 times.

The government had launched the OFS on Monday to sell a 2% stake, with an additional 1% greenshoe option in case of oversubscription, as part of its FY27 disinvestment programme. Following robust demand from non-retail investors, the Centre decided to exercise the full greenshoe, taking the total stake sale to 3%.

"Offer for Sale in NLC India Ltd received enthusiastic response from investors and was oversubscribed 5.22 times on the first day. Allocation will be on a price-priority basis," Arunish Chawla, secretary, Department of Investment and Public Ass...