The India Fund, Inc. Reports Successful Closure of Rights Offering

PHILADELPHIA, PA - The India Fund, Inc., a closed-end fund listed under NYSE:IFN, announced the completion of its Rights offering which began on April 19, 2024, and ended on May 14, 2024. This offering allowed Rights holders to acquire common stock at a final subscription price of $17.75 per share. This price was established at 93% of the net asset value per share as of the closing date, signaling a successful close at a higher value than initially targeted.

The offering led to the issuance of 6,237,159 new shares, with anticipated gross proceeds of approximately $110 million. The issuance of these shares is scheduled for May 21, 2024, following the completion of over-subscription share allocation and final payment collection from subscribers.

Furthermore, the fund clarified that this press release does not equate to a solicitation of an offer to buy nor an offer to sell the securities, which remains subject to regulatory considerations in various jurisdictions. The India Fund, Inc. is managed by abrdn Asia Limited and aims to provide details on the prospectus to investors considering the fund’s objectives and potential risks.