The India Fund, Inc. (NYSE: IFN; the “Fund”) announced today that the Fund’s semi-annual repurchase offer will commence today and terminate on September 16, 2011. In April 2003, stockholders of the Fund voted to adopt an interval fund structure, pursuant to which the Fund conducts semi-annual 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 the 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 August 26, 2011 and end on September 16, 2011. Materials will be sent to stockholders of record as of August 19, 2011 in conjunction with the start of the offer on August 26, 2011.
 

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 September 23, 2011. 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 September 16, 2011. The NAV of the shares may fluctuate between the deadline and September 23, 2011, the pricing date of the repurchase offer. The payment date for the repurchase offer is on or before September 30, 2011.
 

The Fund’s common stock has at times traded at a premium to the Fund’s NAV per share. It may not be in a stockholder’s interest to tender shares in connection with this repurchase offer if the Fund’s common stock is trading at a premium. The market price of the Fund’s common stock can and does fluctuate. Accordingly, on September 23, 2011, the pricing date of the repurchase offer, the market price of the Fund’s common stock may be above or below the Fund’s NAV per share.

To obtain the daily NAV or the NYSE closing price of the shares or for questions concerning the repurchase offer or for requests for the Fund’s repurchase offer materials, stockholders should contact Georgeson Inc. (“Georgeson”), the Fund’s Information Agent, toll free at 1-866-297-1264, or, for banks or brokers, at 1-212-440-9800.

Neither the Fund, its Investment Manager nor its Board is making any recommendation to any stockholder whether to tender shares in the repurchase offer. The Fund and the Board urge stockholders to read and evaluate the repurchase offer materials carefully before deciding whether to participate in the repurchase offer. This announcement is not an offer to purchase nor a solicitation of an offer to sell shares of the Fund. The repurchase offer is being made only through the Offer to Repurchase and the related Letter of Transmittal. Holders of Fund shares should read these documents when they are available because they contain important information. These and other filed documents will be available to investors for free both at the website of the Securities and Exchange Commission and from Georgeson. The repurchase offer is not being made to, nor will tenders be accepted from or on behalf of, holders of shares in any jurisdiction in which making or accepting the repurchase offer would violate that jurisdiction’s laws.

The Fund is a non-diversified, closed-end management investment company that seeks long-term capital appreciation by investing primarily in Indian equity securities. The Fund conducts semi-annual repurchase offers and is traded on the NYSE under the trading symbol “IFN.”

Blackstone Asia Advisors L.L.C. serves as the Investment Manager to the Fund. The Investment Manager is an affiliate of The Blackstone Group L.P.

Information on the Fund can be obtained on the Blackstone website ( www.blackstone.com) or by calling the Fund’s toll-free phone number at 1-866-800-8933.

This press release may contain statements regarding plans and expectations for the future that constitute forward-looking statements within the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are forward-looking and can be identified by the use of words such as “may,” “will,” “expect,” “anticipate,” “estimate,” “believe,” “continue” or other similar words. Such forward-looking statements are based on the Fund’s current plans and expectations, and are subject to risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Additional information concerning such risks and uncertainties are contained in the Fund’s filings with the Securities and Exchange Commission.

Copyright Business Wire 2010

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