kavi ~~ RE: IFN offer
Press Release Source: The India Fund, Inc.
The India Fund, Inc. Announces Final Results of Rights Offering
Wednesday August 23, 8:00 am ET
NEW YORK--(BUSINESS WIRE)--Aug. 23, 2006--The India Fund, Inc. (NYSE: IFN; the "Fund") announced today the successful completion of its non-transferable rights offering (the "Offer"). The Offer, which commenced on July 3, 2006 and expired on August 4, 2006, entitled stockholders of record as of July 3, 2006 to subscribe for additional shares of the Fund's common stock. The Offer was over-subscribed. The aggregate total number of new shares issued was the maximum of 13,206,525, which included the 10,565,220, or maximum number of, shares issued pursuant to the primary offering as well as the additional 2,641,305, or maximum number of, shares issued pursuant to the over-subscription privilege. In accordance with the terms of the Offer, the subscription price of $34.00 represents 95% of the net asset value per share as of the close of business on the expiration date of the Offer. Net proceeds to the assets of the Fund from the Offer totaled approximately $448,377,615.
The shares of the Fund's common stock available after completion of the primary subscription have been allocated among those holders who oversubscribed based on the number of rights originally available to them, which varies by individual holder. Shares issued pursuant to the Offer have been distributed. Investors who hold through brokers, banks or other nominees received their shares in accordance with the procedures of those nominees.
The Fund is a closed-end management investment company that seeks long-term capital appreciation by investing primarily in Indian equity securities. The Fund 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.
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.
Contact:
Blackstone Asia Advisors L.L.C.
1-866-800-8933
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Source: The India Fund, Inc.
