DPF India Opportunities Fund Announces Issuer Bid

TORONTO, Dec. 18, 2012 /CNW/ - GCIC Ltd. ("GCICL"), the manager of DPF India Opportunities Fund (TSX: DPF.UN) (the "Fund"), announces a normal course issuer bid.  In accordance with the terms of its initial public offering, the Fund intends to purchase, through the facilities of the Toronto Stock Exchange ("TSX"), up to 1,374,328 trust units of the Fund (the "Trust Units") representing approximately 10% of the public float.  As of December 5, 2012 the public float of the Fund was 13,743,286 Trust Units and the issued and outstanding number of Trust Units was 20,509,247.

The Trust Units may be purchased for cancellation commencing on December 20, 2012 through to December 19, 2013 through the facilities of the TSX and may be purchased when the net asset value per Trust Unit exceeds its trading price. Pursuant to TSX policies, the Fund will not purchase during any 30 day period more than 410,184 Trust Units representing 2% of the 20,509,247 Trust Units outstanding as at December 5, 2012. A Notice of Intention to Make a Normal Course Issuer Bid has been accepted by the TSX effective as of December 17, 2012.

The purpose of the normal course issuer bid is to provide the Fund with a mechanism to decrease the potential spread between the net asset value per Trust Unit and the market price of the Trust Units. As of December 5, 2012, the Fund has purchased an aggregate of 1,502,215 Trust Units at a weighted average price of $3.461 through the facilities of the TSX under the previous normal course issuer bid which came into effect on December 20, 2011 and will expire on December 19, 2012.

The Fund is a TSX-listed closed-end investment trust, seeks to enhance the value of the Trust Units offered primarily through capital appreciation driven by an actively managed, diversified investment portfolio. As of December 14, 2012 the net asset value was $4.10 per Trust Unit and the closing trading price was $3.68 per Trust Unit (representing a discount of 10.24% when measured against the net asset value per Trust Unit).

About GCICL
GCICL is a subsidiary of DundeeWealth Inc. and the manager of the Fund. GCICL offers a wide range of wealth management solutions through financial advisors. These include the mutual funds and hedge funds of Dynamic Funds, the portfolio solutions of the Marquis Investment Program and the high net worth investment counsel of DundeeWealth Investment Counsel. DundeeWealth Inc. is a wholly owned subsidiary of Scotiabank and part of the Bank's Global Wealth Management business line.

SOURCE: GCIC Ltd.

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