Following shareholder approval of the implementation of a placing programme at a general meeting earlier this week, Ashoka India Equity (AIE) has now announced that it intends to conduct a fundraising by way of an initial placing, offer for subscription and intermediaries offer. This initial issue will be part of a proposed ongoing share issuance programme, details of which AIE says will be set out in a prospectus that it expects to publish later today. There has been no comment provided on the size of the initial issue, or the issue price, although the theoretical maximum is 125m shares, as this is what AIE is permitted to issue under its placing programme.
Comments from Andrew Watkins, chairman of Ashoka India Equity
“I am pleased the Company is announcing the launch of the Initial Issue and Share Issuance Programme. The Board is very satisfied with the performance of the Company since its IPO in 2018, for which huge credit is due to the White Oak team. India is currently faced with the challenge of the second wave of the Covid-19 virus, and the thoughts of my fellow Directors and I are with the people of India. India remains an attractive, long-term investment, and the Board continues to believe that there is a compelling investment opportunity, which plays strongly to our manager’s bottom-up approach to stock selection.”