Welcome to our dedicated page for The India Fund news (Ticker: IFN), a resource for investors and traders seeking the latest updates and insights on The India Fund stock.
The India Fund, Inc. (NYSE: IFN) is a non-diversified closed-end management investment company focusing on long-term capital appreciation. The Fund primarily invests in equity securities of Indian companies across various sectors such as financials, consumer staples, information technology, materials, healthcare, consumer discretionary, industrials, telecommunication services, and utilities. This strategic allocation allows the Fund to maximize potential growth opportunities within the dynamic Indian market.
Managed by abrdn Asia Limited, The India Fund aims to opportunistically invest at least 80% of its total assets in equity securities. The Fund is traded on the New York Stock Exchange under the symbol IFN. Its shares frequently trade at a discount to the net asset value (NAV), influenced by factors beyond the Fund's control.
Recently, the Fund's Board of Directors approved the terms for the issuance of transferable rights to its common stockholders. This Rights Offering aims to increase the Fund’s investment assets, allowing it to capitalize on existing and future investment opportunities. Rights holders were entitled to subscribe for new shares of common stock at a discount to the market price, with the subscription period concluding on May 14, 2024. The offering was successful, resulting in the issuance of over 6 million shares and gross proceeds of approximately $110 million.
The Fund also announced a quarterly distribution of $0.45 per share, payable on July 5, 2024. This distribution is typically paid in newly issued shares but can be received in cash upon request. The India Fund has adopted a distribution policy to provide a stable stream of payments derived from income, capital gains, and, if necessary, paid-in capital.
Investors should consider the Fund's investment objective, risks, charges, and expenses carefully before investing. The Fund's investment return and principal value will fluctuate, and shares may trade above or below the NAV. Past performance does not guarantee future results.
The India Fund (IFN) announced a distribution payment of $0.45 per share on July 5, 2024, for shareholders of record as of May 30, 2024. The distribution was made in newly issued shares or cash, with shares issued at the lower of NAV or market price, but not less than 95% of the market price as of June 28, 2024. The reinvestment price per share was $17.67. The Fund's distribution policy aims for stable distributions from current income and realized capital gains.
For fiscal 2024, the Fund's cumulative distribution per share is $0.88, entirely a return of capital. The Fund's performance shows an average annual total return of 9.08% over five years, with a current annualized distribution rate of 9.01%.
Shareholders could elect cash distributions by notifying their bank or broker by June 20, 2024. Tax reporting will be finalized after year-end. The Fund warns that distribution payments may lower net assets, potentially raising expense ratios and affecting market prices.
The India Fund, IFN, announced a distribution of $0.45 per share, payable on July 5, 2024, to shareholders of record as of May 30, 2024. Shareholders will receive this distribution in newly issued shares unless they opt for cash. The valuation date for the stock distribution is June 21, 2024. Fractional shares will generally be settled in cash.
To receive cash instead of stock, shareholders must notify their bank, brokerage, or Computershare Investor Services by June 20, 2024. The fund's distribution policy aims to provide stable returns using current income and realized capital gains.
For fiscal year-to-date, the total distribution amounts to $0.88 per share, all of which is considered a return of capital. The Fund's 5-year average annual return on NAV is 9.08%. The actual tax treatment of these distributions will be clarified after year-end, with Form 1099-DIV sent to shareholders.
The India Fund (NYSE:IFN) announced the successful completion of its transferable rights offering, which commenced on April 19, 2024, and expired on May 14, 2024.
Rights holders subscribed for shares of the Fund's common stock at a final subscription price of $17.75 per share, determined as 93% of the Fund's net asset value per share at the close of trading on the NYSE on the expiration date.
The offering resulted in the issuance and sale of 6,237,159 shares, generating gross proceeds of approximately $110 million. Shares are expected to be issued on or about May 21, 2024.
abrdn U.S. Closed-End Funds held their Annual Meeting of Shareholders on May 26, 2022, where key proposals were voted on for The India Fund, Inc. (IFN) and Aberdeen Standard Global Infrastructure Income Fund (ASGI). IFN had 67.77% of its shares voted, resulting in successful elections for two Class III Directors, Hugh Young and Nancy Yao Maasbach. ASGI reported 79.68% of shares voted, leading to the election of Class II Trustees P. Gerald Malone and Todd Reit. These meetings reflect shareholder engagement in governance and strategic direction.
The India Fund, Inc. (NYSE: IFN) announced a distribution of $0.58 per share scheduled for March 31, 2022. Shareholders must be on record by March 24, with an ex-dividend date of March 23. The Fund's distribution policy maintains a 10% annual rate, subject to Board review. Starting June 2022, shareholders can elect to receive distributions in newly issued shares instead of cash. The current distribution's estimated source is 100% return of capital. This policy aims to provide stable income but may impact the Fund's net assets.
The India Fund, Inc. (NYSE:IFN) announced a distribution of $0.80 per share for shareholders recorded as of December 20, 2021, payable on January 31, 2022. Shareholders had the option to receive the distribution in shares valued at $21.77 each or cash. The distribution breakdown shows $0.0400 from net realized short-term gains and $0.7600 from net realized long-term gains. The total distribution for the fiscal year so far is $3.2100 per share, emphasizing the Fund's allocation of 95% of its long-term gains as distributions.
The India Fund, Inc. (NYSE:IFN) has declared a special capital gains distribution of $0.80 per share, payable on January 31, 2022. Stockholders of record on December 20, 2021 can opt for cash instead of stock by notifying their bank or broker by January 19, 2022. The distribution's per share value will be determined on January 20, 2022, based on the average trading price over the previous three business days. This special distribution will be treated as received by stockholders as of December 31, 2021.
The India Fund, Inc. (NYSE: IFN) held its Annual Meeting of Shareholders on May 27, 2021. Shareholders voted to elect two Class I Directors, Alan Goodson and Jeswald Salacuse, while also approving the continuation of Luis Rubio's term under Corporate Governance Policies. Voting showed a quorum with 71.83% of 26,904,575 outstanding shares. Goodson received 16,526,131 votes for, while Salacuse garnered 16,330,116 votes for his position. Martin J. Gilbert's term expired, and the Board expressed gratitude for his contributions.
The India Fund, Inc. (NYSE: IFN) announced a quarterly distribution of US$0.58 per share on March 31, 2021, for shareholders of record as of March 24, 2021. The distribution policy aims for a stable quarterly payout, set at an annual rate of 10% based on the average daily net asset value (NAV). The current distribution includes return of capital amounting to 70%, which could impact the Fund's net assets and future investment activities. Shareholders are cautioned not to equate distribution amounts with investment performance.
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