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 its shares of common stock. The repurchase offer and withdrawal rights expired on Friday, March 14, 2008. The Fund offered to repurchase up to 5% of its outstanding shares of common stock for cash at a price approximately equal to net asset value as of March 24, 2008. As of Friday, March 14, 2008, 42,516,770.8348 Fund shares were outstanding.
Approximately 4,071,660.2142 shares were validly tendered and not withdrawn prior to the expiration of the Fund's repurchase offer.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 2,125,838 shares outstanding. The shares accepted for tender will receive cash at a repurchase offer price of $44.0216, which is equal to the Fund's net asset value per share of $44.92 as of March 24, 2008, less a repurchase fee of $0.8984 per share. Cash payment for the repurchased shares will be issued on or before March 28, 2008. After the repurchase offer, the Fund will have approximately 40,390,932.8348 shares outstanding.
The Fund is a 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.
Blackstone Asia Advisors L.L.C.1-866-800-8933
Approximately 4,071,660.2142 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 2,125,838 shares outstanding. The shares accepted for tender will receive cash at a repurchase offer price of $44.0216, which is equal to the Fund's net asset value per share of $44.92 as of March 24, 2008, less a repurchase fee of $0.8984 per share. Cash payment for the repurchased shares will be issued on or before March 28, 2008. After the repurchase offer, the Fund will have approximately 40,390,932.8348 shares outstanding.
The Fund is a 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.
Blackstone Asia Advisors L.L.C.1-866-800-8933
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