The offer for sale (OFS) of Steel Authority of India (SAIL) has been oversubscribed by over four times on the first day of the issue.

Taking to Twitter, Tuhin Kanta Pandey, Secretary, Department of Investment and Public Asset Management (DIPAM), said that the government has decided to exercise the green shoe option and retail investors will be able to bid on Friday. On Thursday, the issue was open for non-retail investors.

"Offer for Sale of Govt shares in SAIL got great response on day one. Issue subscribed 4.14 times of base size at a clearing price above the floor price by non-retail investors. Govt has decided to exercise the green shoe option. Retail investors get chance to bid tomorrow," he tweeted.

On Wednesday, the Secretary said that the Centre will sell up to 10 per cent stake in the steel PSU through OFS.

Shares of the company plunged 10 per cent during the day. On the BSE, its shares closed at Rs 67.25, lower by Rs 7.45 or 9.97 per cent from its previous close.