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The India Fund updates semi-annual repurchase offer.

BANKING AND CREDIT NEWS-March 26, 2013-The India Fund updates semi-annual repurchase offer(C)2013 M2 COMMUNICATIONS http://www.m2.com

26 March 2013 -- The India Fund, Inc. (NYSE: IFN) said its semi-annual repurchase offer and withdrawal rights expired on Friday, March 15, 2013. 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 22, 2013.

As of Friday, March 15, 2013, 40,048,136.09 Fund shares were outstanding. Approximately 13,848,020 shares were validly tendered and not withdrawn prior to the expiration of the Fund's repurchase offer.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 2,002,407 shares outstanding. The final pro-ration calculations resulted in 285,027.0195 odd lot shares and 13,562,993 non-odd lot shares validly tendered. Under final pro-ration, 12.6622% of the non-odd lot shares tendered were accepted for payment.

The shares accepted for tender will receive cash at a repurchase offer price of USD23.4024, which is equal to the Fund's net asset value per share of USD23.88 as of March 22, 2013, less a repurchase fee of USD0.4776 per share. Cash payment for the repurchased shares will be issued on or before March 28, 2013. 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 38,045,730.07 shares outstanding.

((Comments on this story may be sent to info@m2.com)).END.PUB430>PDMarch 26, 2013>JNBANKING AND CREDIT NEWS.PRICEDATENOT APPLICABLE.DAY

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Publication:M2 Banking & Credit News (BCN)
Date:Mar 26, 2013
Words:275
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