/THIS PRESS RELEASE IS NOT FOR DISTRIBUTION IN THE UNITED STATES/
TORONTO, Aug. 15 /CNW/ - Excel Funds Management Inc., the Manager of
Excel India Trust (the "Trust") is pleased to announce that the Trust has
issued an additional 350,000 units of the Trust at a price of $10.00 per unit
for gross proceeds of $3,500,000 pursuant to the exercise by the agents of
their over-allotment option. Including the over-allotment option, total gross
proceeds of the Trust's initial public offering were $48,500,000.
The units trade on the Toronto Stock Exchange under the symbol EXI.UN.
The Trust has been designed to provide investors with exposure to an
actively managed portfolio consisting primarily of equity securities of Indian
companies (the "Portfolio"). This exposure will be achieved through a
structure designed to minimize Indian withholding taxes on capital gains and
avoid certain investment restrictions that would otherwise apply to foreign
investors investing in India. The Portfolio will be managed by Birla Sun Life
Asset Management Company Ltd., a Mumbai-based investment manager, that will
employ a long-term approach to investing which is based on identifying
companies in India that have sound creditworthiness, quality management, are
fundamentally strong and have suitable risk controls.
The Trust's investment objectives are: (i) to provide holders of Units
with quarterly distributions (initially targeted to be $0.125 per Unit per
quarter or 5% per annum based on the offering price of $10.00 per Unit); and
(ii) long-term capital appreciation.
The syndicate of agents for this offering is being co-led by CIBC World
Markets Inc. and RBC Dominion Securities Inc., and includes BMO Nesbitt Burns
Inc., National Bank Financial Inc., Scotia Capital Inc., TD Securities Inc.,
Canaccord Capital Corporation, Dundee Securities Corporation, HSBC Securities
(Canada) Inc., Raymond James Ltd., Desjardins Securities Inc., Berkshire
Securities Inc., Blackmont Capital Inc., IPC Securities Corporation,
Richardson Partners Financial Limited and Wellington West Capital Inc.
Founded in 1998, Excel Funds Management Inc. is a specialized fund
management company that focuses exclusively on investment opportunities in
Emerging Markets. Excel manages highly ranked and award winning funds,
including the Excel India Fund, Excel China Fund, Excel Chindia Fund and the
Excel Income and Growth Fund and currently has approximately $600 million in
assets under management.
This news release contains forward-looking statements that involve risks
and uncertainties. These statements reflect the Excel's current expectations,
but are subject to a number of risks and uncertainties. Due to the many risks
and uncertainties, Excel cannot assure that the forward-looking statements
contained in this news release will be realized.
For further information:
For further information: about Excel please visit our website at
www.excelfunds.com or contact us at 1-888-813-9813