4th Mar 2019 11:21
LONDON (Alliance News) - Ashoka India Equity Investment Trust PLC on Monday said it was behind its benchmark the first half of its maiden financial year as it was in the process of deploying cash from its initial public offering.
The company floated on the London Stock Exchange in mid-June last year after raising GBP100 million in IPO.
Shares in Ashoka India were up 1.1% at 92.50p on Monday.
The trust's net asset value per share on December 31 stood at 97.69 pence.
Ashoka India's net asset value total return per share for the six months to December 31 was negative 0.3%, while its MSCI India IMI Index benchmark recorded a 3.1% return for the same period.
This was attributed to the fact that Ashoka India was deploying IPO funds just as its benchmark "experienced a significant up move".
No interim dividend was declared, and Ashoka India Chair Andrew Watkins said shareholders should not expect annual dividends "under normal circumstances".
"The global picture does not look any clearer as we enter 2019 and there are challenges ahead for world leaders. Whilst past performance is no guide to the future, shareholders should take comfort that the investment management team has a strong track record and long-standing experience, with interests aligned to producing out-performance for shareholders over the long term," Watkins said.
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