NEW DELHI: Retail portion of Indian Railway Catering and Tourism Corp Ltd's offer for sale, which closed today, was subscribed 109.84 percent, with the company receiving bids for 3.51 mln shares against 3.2 mln shares on offer, data from BSE showed. The strong reception from retail investors for the offer for sale came after the non-retail portion was subscribed 148.5 percent on Thursday.

The company had received bids for 42.77 mln shares against 21.60 mln shares on offer. Non-retail investors had an option to carry forward their bids through sale on a separate window provided by BSE. Subscription through this window was 3.78 mln shares or 118.14 percent of the shares offered today, the data showed.

The company said the government will sell up to 24 mln shares, representing 15 percent stake, in the company through an offer for sale. The government said it would sell an additional 5 percent stake in the company by exercising the oversubscription option.

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