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The Rs. 25 million Initial Public Offering of Tess Agro Ltd (TAL) which opened on November yesterday was expected to close yesterday itself due to oversubscription, TAL Managing Director Oliver Fernando said last night.

The Managers to the Issue Merchant Bank of Sri Lanka Ltd said that there were both retail and institutional investors and the closure of the issue was due to the foreign interest for which two large investors had made large applications for the total amount of the shares on the eve of the opening day, he said.

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