PHILADELPHIA, April 9, 2014 /PRNewswire/ -- The India Fund, Inc. (NYSE: IFN; the "Fund") announced today the final results of its cash tender offer for up to 5,240,267 shares of its common stock, representing approximately 15% of its outstanding shares. The offer expired at 11:59 p.m. New York City time on Thursday, April 3, 2014.
Based on information provided by Computershare, the depositary for the tender offer, approximately 15,332,556 shares of common stock, or 43.89% of the Fund's outstanding shares, were properly tendered, and the Fund has accepted, subject to adjustment for fractional shares, 5,240,267 shares for cash payment at a price per share equal to $24.4314, which represents 98% of the Fund's net asset value per share ("NAV") as of the close of regular trading on the New York Stock Exchange on April 4, 2014. Since the total number of shares tendered exceeds the number of shares offered to purchase, all tendered shares are subject to pro-ration in accordance with terms of the tender offer. Under final pro-ration, 34.1774% of the shares tendered will be accepted for payment. Cash payment for the repurchased shares will be issued on or around April 11, 2014. All shares tendered and not repurchased by the Fund will be returned to stockholders as promptly as practicable. Following the repurchase of properly tendered shares, the Fund will have approximately 29,694,848 shares outstanding.
This announcement is not an offer to purchase or a solicitation of an offer to purchase any securities of the Fund, nor shall there be any sale of the Fund's shares in any state or jurisdiction in which such offer or solicitation or sale would be unlawful under the laws of such state or jurisdiction.