For the sixth tranche of CPSE ETF, that was open for institutional investors on 18 July and for retail investors on 19 July, received bids worth over Rs 40,000 crore, as against the base issue size of Rs 8,000 crore.

"CPSE ETF FFO 5 oversubscribed by more than 5 times. Against Base Issue size of Rs 8,000 cr, a subscription amount of more than Rs 40,000 crores was received till 5.00 pm today," said Secretary DIPAM in a tweet.

The government was looking to raise up to Rs 10,000 crore through the follow-on fund offer (FFO) of CPSE Exchange Traded Fund (ETF).

On Thursday, the issue received bids worth Rs 19,980 crore for subscription by anchor investors. Qualified institutional buyers who put in bids include Societe Generale, Credit Suisse, Morgan Stanley, Goldman Sachs, Merrill Lynch, Citigroup, Copthall, Avendus, ICICI Prudential Mutual Fund, Edelweiss Mutual Fund, a PTI report said.

The base issue size of the FFO was Rs 8,000 crore with an option to retain oversubscription of another Rs 2,000 crore.

The Central Government has a disinvestment target of Rs 1.05 lakh crore for the financial year 2019-20, which is higher than Rs 85,000 crore raised in the last fiscal.