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Feb. 22, 2013 /PRNewswire/ --
The India Fund, Inc. (NYSE: IFN) (the "Fund") announced today that the Fund's semi-annual repurchase offer will commence today and terminate on
March 15, 2013. In
April 2003, stockholders of the Fund voted to adopt an interval fund structure, pursuant to which the Fund conducts periodic repurchase offers for between 5% and 25% of the Fund's outstanding common stock. Accordingly, the Fund's Board of Directors (the "Board") authorized the Fund's repurchase offer for this semi-annual period of up to 5% of its outstanding common stock, the details of which are as follows:
Purpose of the Repurchase Offer – The repurchase offer is intended to provide Fund stockholders who wish to have their shares repurchased based on net asset value ("NAV") with the opportunity to have at least a portion of such shares repurchased.
What to Expect – The repurchase offer will begin on
February 22, 2013, and will end on
March 15, 2013. Materials will be sent to stockholders of record as of
February 15, 2013, in conjunction with the start of the repurchase offer on
February 22, 2013.
Price – The repurchase price of the shares will be their NAV per share at the close of regular trading on the New York Stock Exchange ("NYSE") on
March 22, 2013. The shares tendered in the repurchase offer will be subject to a repurchase fee of 2% of NAV for expenses directly related to the repurchase offer.
Number of Shares – If more than 5% of the Fund's outstanding common stock is tendered, the Fund will either (1) repurchase all of the additional shares tendered, if the additional shares do not exceed 2% of the Fund's outstanding common stock, or (2) purchase 5% of the Fund's outstanding common stock on a pro-rata basis.
Deadline – The deadline for participating in the repurchase offer is
5:00 p.m.New York City time on
March 15, 2013. The NAV of the shares may fluctuate between the deadline and
March 22, 2013, the pricing date of the repurchase offer. The payment date for the repurchase offer is on or before
March 28, 2013.