Bids were received for over 3.97 crore shares - 1.18 times the 3.36 crore shares on offer - as of 5:00 p.m. on Friday.
The portion reserved for qualified institutional investors was oversubscribed 2.6 times. The shares are being offered at a price band of Rs. 145-150 apiece and the issue closes on Monday.
The share sale, which saw a lukewarm response on Thursday, gained traction on Friday as bids from institutional buyers came in. The sale could fetch about Rs. 500 crore at the upper end of the price band.
Shares in EIL ended at Rs. 152.25 apiece on the BSE, up 0.59 per cent from the previous close, after touching an intra-day high of Rs.153.50.