The managers to the Sri Lanka Telecom IPO confirmed that the issue was oversubscribed and that the offer would close at 4.30 on Friday, one day after it opened.
Sources close to the issue say Raj Rajaratnam and his associates took up a kings share of the SLT issue, pushing it over the offer limit.rn
rnThis rivals market speculation that state institutions took up a bulk of the issue.rn
rnThe size of the groupings application was not known, but officials say it makes up for a large part of the foreign interest. rn
rnAnalysts say total subscriptions could reach the Rs. 4 billion mark, overshooting the total value of the IPO by around Rs. 600 million. rn
rnApplications are still being processed, says DFCC Bank and expect to know the total subscribed amount by Monday. rn
rnOver 20,000 applications had been received so far, officials adding that some retail application accepted at rural locations were still to be received at the Colombo office. rn
rnThe government is likely to accept all applic