India Growth Fund, a closed-end equity Fund is likely to be liquidated. The decision follows consideration of various alternatives by the Board to allow the stockholders to realize net asset value for their shares.
The India Growth Fund, the oldest Indian fund listed on NYSE, was launched in August 1988, just before the start of economic reforms. Till 1991, it was the only vehicle to participate in the Indian market. And the investors' optimism was reflected in the hefty premium commanded by the fund till Mid-1997. However, in the past 5-years the fund has been trading at a discount to its NAV.
The fund currently manages total assets of $ 134.6 million. And has posted a 10-year return of negative 3.10%, which is better than the S&P 500 Index's loss of 12.09% over the same period.
The fund's key holding includes ITC (10.20%), HLL (7.44%) and NIIT (5.94%). The total outstanding shares of the fund were 98,30,611 shares and the average daily volume comprises 12,690 shares.
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