The two-day offer for sale for steelmaker SAIL's 5 percent shareholding was subscribed 3.6 times on the first day of its opening on Thursday. Over 74.74 crore shares were sought by non-retail investors on the first day on BSE, stock exchange data showed.

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The OFS opened on Thursday for non-retail investors while it will open for retail investors on Friday.

Over 74.74 crore shares were sought by non-retail investors at the close of trading hours, stock exchange data showed. The shares sought were 362 percent of the overall issue and nearly 413 percent of the shares reserved for non-retail investors.

The government is selling 20.65 crore shares or 5 percent of the total equity of SAIL through the OFS and has an option to sell an additional 20.65 crore share of SAIL in case of over-subscription. The overall divestment, firm plus greenshoe, will total 10 percent.

The floor price was set at Rs 64. The government holds a 75 percent stake in SAIL. It had last sold a 5 percent stake in the steel CPSE in December 2014. Post the OFS, it will come down to 65 percent.

SAIL is a great play on rising steel prices as it has both the highest operating and financial leverage in the sector. Govt has picked a good time for the offer as SAIL has solid triggers that can lead to good subscription, analysts told CNBC-TV18.

(With inputs from PTI)

(Edited by : Pranati Deva)