PHILADELPHIA, Nov. 2, 2012 /PRNewswire/ -- The India Fund, Inc. (NYSE: IFN) and The Asia Tigers Fund, Inc. (NYSE: GRR)(the "Funds"), closed-end equity funds, announced today that each Fund's Board of Directors has authorized management to make open market purchases from time to time in an aggregate amount up to 10% of the Fund's currently outstanding shares, when management reasonably believes that such repurchases may enhance shareholder value.
There is no assurance the Funds will purchase any shares, however, any repurchase activity will be disclosed in each of their stockholder reports for the relevant fiscal periods and updated on the respective Fund's website in any month when repurchases are made.
The open market repurchases will supplement the ongoing semi-annual repurchase offers undertaken by the Funds pursuant to their "interval fund" structures. In 2002 (GRR) and 2003 (IFN), upon the approval and recommendation of its Board of Directors, each Fund's stockholders approved a fundamental policy whereby the Funds adopted an "interval fund" structure pursuant to Rule 23c-3 under the Investment Company Act of 1940. As interval funds, the Funds currently make semi-annual repurchase offers at net asset value (less a 2% repurchase fee) to all stockholders.