Courtesy of Benzinga.
The India Fund, Inc. (NYSE: IFN) 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 16, 2012. 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 23, 2012.
As of Friday, March 16, 2012, 40,841,946.94 Fund shares were outstanding. The repurchase amount of 5% of Fund shares represents approximately 2,042,097 shares outstanding. The preliminary count by BNY Mellon Investment Servicing (U.S.) Inc., the Fund’s transfer agent, indicated that approximately 8,841,730 shares (approximately 21.65% of the Fund’s outstanding shares) were validly tendered and not withdrawn prior to the expiration of the Fund’s repurchase offer. This determination is subject to final confirmation and the proper delivery of all shares tendered and not withdrawn, including shares tendered pursuant to the guaranteed delivery procedure. 446,637 shares are estimated to be subject to this guarantee.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 22.35% 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 23, 2012, subject to a repurchase fee of 2% of net asset value per share, which will be deducted from the repurchase price.
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