This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

The India Fund, Inc. Announces Revised Details For Expiration Of Semi-Annual Repurchase Offer

Stocks in this article: IFN

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.

(Logo: http://photos.prnewswire.com/prnh/20121106/NE07292LOGO )

The Fund's depositary agent informed the Fund that a tender transmission was improperly submitted to receive odd-lot preference.  As such; the preliminary numbers have been revised as follows:

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approximately 13,851,172 shares (approximately 34.59% of the Fund's outstanding shares) were validly tendered and not withdrawn prior to the expiration of the Fund's repurchase offer.  This determination is subject to final confirmation and the proper delivery of all shares tendered and not withdrawn, including shares tendered pursuant to the guaranteed delivery procedure.   792,905 shares are estimated to be subject to this guarantee.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 12.66% 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.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,347.03 -69.82 -0.40%
S&P 500 2,012.28 -8.97 -0.44%
NASDAQ 4,677.9060 -5.5010 -0.12%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs