India Capital Growth raises £23m after heavily discounted share issue

Subscription shares issued in 2014

Ocean Dial Asset Management's India Capital Growth fund has raised £22.8m following the expiration of its subscription shares issued on a 'one for two' basis in August 2014.

Prior to the capital raise, the trust had £80m worth of assets, but today's announcement has seen the total AUM increase by £22.8m to £102.8m. The money was raised through a 'one for two' share issue, where each subscription share carried the right to subscribe for one ordinary share at a price of 61p (the share price on 6 August 2014), representing a 31.5% discount to the NAV of 89p and a 7.6% discount to the share price of 66p as at 5 August 2016. The shares were issued two years ago, after the trust saw its performance improve and the managers decide to explore ways of increasing i...