The offer for sale of Housing and Urban Development Company (Hudco) was subscribed over two times on Day 1, where only institutional investors can subscribe. The issue will open for retail investors on Thursday.

The government plans to divest up to 7 per cent (3.5 per cent base issue and greenshoe option 3.5 per cent) in Hudco through OFS.

“Offer for Sale of Government Equity in HUDCO received a good response from non-retail investors today. The issue was subscribed to 2.10 times the base size. The government has decided to exercise the green shoe option. Retail investors get to bid tomorrow,” said the DIPAM Secretary in an “X” post.

Shares of Hudco tumbled 10.65 per cent to ₹80.34