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State housing finance giant HDFC Bank’s maiden share issue has been oversubscribed on its opening day, a statement to the Stock Exchange said. State housing finance giant HDFC Bank’s maiden share issue has been oversubscribed on its opening day, a statement to the Stock Exchange said. Mangers to the issue Merchant Bank of Sri Lanka said the issue will close by 4.30 p on Wednesday.

HDFC issued 2.5 million ordinary shares of Rs 100 each at a Rs. 120 premium.

The shares will be listed on the Colombo Stock Exchange’s main board along with some 4.1 million shares that are already listed through an introduction.

The Rs. 550 million in capital raised is to be used to fund the expansion of HDFC’s loan portfolio, including housing project loans.

The Housing Development and Finance Corporation (HDFC) is Sri Lanka’s largest lender to low and middle income housing segments with a 25 percent share in that market.