New Delhi: Institutional investors on Wednesday put in bids worth over Rs 1,900 crore for Indian Railway Finance Corporation (IRFC) shares in its offer for sale, over-subscribing the portion reserved for them.

Non-retail investors placed bids for over 21.87 crore IRFC shares, or 1.86 times of the 11.76 crore shares reserved for them. Indicative price for the bids is Rs 91.10 per share, stock exchange data showed.

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The government is selling up to 2 percent stake or 26.13 crore shares in IRFC at a floor price of Rs 91/share. The OFS includes a greenshoe option of 1 percent stake.

Department of Investment and Public Asset Management (DIPAM) Secretary Arunish Chawla said the OFS has received "enthusiastic response from the investors".

"The government has decided to exercise the green shoe option. Retail investors and employees get to bid on Thursday, 25th June 2026," Chawla said.

At the floor price, bids for over 21.87 crore IRFC shares are valued at over Rs 1,900 crore.

The floor price of Rs 91/share was set at a discount of 7.8 percent over Tuesday's closing price of IRFC shares on the BSE.

Shares of IRFC closed 6.24 percent lower at Rs 92.53 on the BSE on Wednesday.

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In the current fiscal year, the government has sold minority stakes in five central public sector enterprises, banks and insurance companies, taking the total disinvestment proceeds to Rs 16,480 crore so far.

This includes Rs 5,542 crore from Coal India, Rs 4,357 crore from NHPC, Rs 3,090 crore from GIC, Rs 2,266 crore from Central Bank of India and Rs 1,223 crore from NLC India.

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