Mumbai: Dredging Corporation of India's (DCI) offer for sale for diluting 20 per cent Government's equity received bids for 26.79 per cent of the issue size within two hours of opening on the exchanges.

The State-owned entity has been able to receive bids for 15 lakh shares as against the issue size of 56 lakh shares of face value Rs 10, according to data available with the exchanges.

The Government has fixed a price band of Rs 358-400 for divesting its stake through a 100 per cent book-building route. Post offer, it's stake would come down to 78.56 per cent.

The final offer price for the issue would be decided after closure of bids on March four.

DCI is the fourth company where Government has invited bids for sale of its equity after CMC, IBP and IPCL in this month.