PHILADELPHIA, March 18, 2013 /PRNewswire/ -- The India Fund, Inc. (NYSE: IFN; the "Fund") announced today the expiration of the Fund's semi-annual repurchase offer for shares of its common stock. The repurchase offer and withdrawal rights expired on Friday, March 15, 2013. The Fund offered to repurchase up to 5% of the outstanding shares of its common stock for cash at a price approximately equal to net asset value as of March 22, 2013.
As of Friday, March 15, 2013, 40,048,136.09 Fund shares were outstanding. The repurchase amount of 5% of Fund shares represents approximately 2,002,407 shares outstanding. The preliminary count by Computershare, the Fund's depositary agent, indicated that approximately 13,851,172 shares (approximately 34.59% of the Fund's outstanding shares) were validly tendered and not withdrawn prior to the expiration of the Fund's repurchase offer. This determination is subject to final confirmation and the proper delivery of all shares tendered and not withdrawn, including shares tendered pursuant to the guaranteed delivery procedure. 792,905 shares are estimated to be subject to this guarantee. Since more than 5% of the Fund's outstanding shares were tendered, the Fund will accept shares tendered on a pro-rata basis. It is expected that approximately 8.73% of the non-odd lot shares tendered will be accepted for payment. Shares will be repurchased for cash at a price equal to their net asset value as of the close of regular trading on the New York Stock Exchange ("NYSE") on March 22, 2013, subject to a repurchase fee of 2% of net asset value per share, which will be deducted from the repurchase price.
The Fund is a closed-end management investment company and its investment objective is long-term capital appreciation, which it seeks to achieve by investing primarily in the equity securities of Indian companies. The Fund conducts semi-annual repurchase offers and is traded on the NYSE under the trading symbol "IFN." Aberdeen Asset Management Asia Limited serves as the Investment Manager to the Fund. The Investment Manager is an affiliate of Aberdeen Asset Management PLC.
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