New Delhi: The follow-on offer of the state-owned Engineers India (EIL) has been oversubscribed 1.56 times by the third day. According to NSE data, the offer received bids for 5.24 crore shares as against 3.36 crore equities on offer. The FPO, through which the government expects to raise up to 977 crore, opened on July 27, and closed on Thursday for institutional buyers. For others, it will close on Friday. EIL is offering equity shares of 5 each in the price band of 270-290 per piece. By the end of the second day on Wednesday, the issue had been subscribed 51 percent, with most of the bids coming in from the qualified institutional buyers (QIBs). The government holds a little of over 90 percent in EIL and through the offer, it is selling 10 percent stake. EIL share was quoting at 327.95, higher by 1.56 percent, in the afternoon trade in the secondary market at NSE. The book running lead managers to the issue are ICICI Securities, IDFC Capital, SBI Capital Markets, HSBC Securities and Capital Markets India.