27th Jul 2015 09:57
LONDON (Alliance News) - Kubera Cross-Border Fund Ltd Monday reported results for the first half of 2015, showing a drop in net assets in that time.
The closed-end investment company, which is incorporated in the Cayman Islands and listed on London's AIM, is a private equity investors, focusing on businesses in the so-called US-India corridor. Its investment manager is Kubera Partners.
Net assets decreased to USD54.77 million from USD56.90 million during the six months ended June 30.
The decrease in NAV is primarily attributable to the depreciation of Indian Rupee vis-à-vis the US Dollar (which is the denomination of the fund) and a decrease in public equity market valuations, which are taken into account in establishing the value of equity interests in the Fund's portfolio which are publicly traded securities," Chairman Martin Adams said in a statement.
The fund's shares were down 5.3% at USD0.200 on Monday morning.
By Samuel Agini; [email protected]; @samuelagini
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