Hi Pat: I own some India Fund shares and have received notice that I will get 800 rights. What I don’t know is what this means, as I have not experienced it yet to date. Does it mean I just get these shares, or that I have to pay a certain amount, and if so how much? Could you enlighten me? Also, where do I go to find the current net asset value of the India Fund? Thanks.
India Fund, $32.04, symbol IFN on New York (Shares outstanding: 38.6 million; Market cap: $1.2 billion), has issued one right to shareholders for each share they own. The rights entitle the holder to subscribe for additional India Fund shares. Unless it is extended, the offer expires at 5:00 p.m., Eastern Daylight Time, on August 14, 2009.
The subscription price per share will be equal to 95% of the fund’s net asset value per share when the offer expires on August 14. Shareholders will be able to buy one share of India Fund for every three rights they hold. The rights are non-transferable, and will not be admitted for trading on the New York exchange.
You should contact your broker to exercise the rights to buy the shares at 95% of net asset value. For example, if 95% of the net asset value of a share of India Fund is, say, $26, and you hold 800 rights, you will pay $26 X..
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