NEW YORK--(BUSINESS WIRE)--The India Fund, Inc. (NYSE: IFN; the “Fund”) announced the final results of the Fund’s semi-annual repurchase offer for shares of its common stock. The repurchase offer and withdrawal rights expired on Friday, March 11, 2011. 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 18, 2011. As of Friday, March 11, 2011, 44,284,988 Fund shares were outstanding. Approximately 1,293,464.9052 shares were validly tendered and not withdrawn prior to the expiration of the Fund’s repurchase offer. The repurchase amount of 5% of Fund shares represents approximately 2,214,249 shares outstanding. The shares accepted for tender will receive cash at a repurchase offer price of $30.1154, which is equal to the Fund’s net asset value per share of $30.73 as of March 18, 2011, less a repurchase fee of $0.6146 per share. Cash payment for the repurchased shares will be issued on or before March 25, 2011. All shares tendered and not repurchased by the Fund will be returned to stockholders as promptly as practicable. After the repurchase offer, the Fund will have approximately 42,991,523 shares outstanding.
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 New York Stock Exchange 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.