Yes, Oversubscription for me!
In a previous post, I mentioned that I did not get oversubscribed shares for the India Fund Inc. However, that is officialy wrong. The shares got deposited today! Yipee. Some more free IFN for me.
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Savings Rate Shootout
Here is a comparison of rates of the highest APY online savings accounts:
| Bank | APY |
|---|---|
| Emigrant Direct | 5.15% |
| ING Direct | 4.35% |
| HSBC Direct | 5.05% |
| Amboy Direct | 5.15% |
| Presidential | 5.12% (upto $35000), 3.00% (above $35000) |
| 4.60 – 5.13% |
No Oversubscription For Me
The India Fund Inc. withdrew money from my account for IFN shares assigned to me from rights. I did not get any oversubscribed shares as yet so I’m assuming I won’t get any. Overall, the rights offer wasn’t such a great deal as the fund premium dropped significantly. I sold some IFN shares to pay for the new shares from rights and as the end result ended up getting a few shares free, not as many as I expected but it’s still free money 
HSBC Credit Card Consolidation Part 2
Continuing my story on attempting to merge two HSBC credit cards, I received a letter from HSBC asking me to fill out an account consolidation request which basically was information similar to a new credit card application. So it is not so very easy to merge cards, inspite of the fact that I manage them online under the same login.
Closing of India Fund Inc. Rights Offer
The India Fund Rights Offer Closed today. The offering price of the shares (95% of NAV at close on Friday) is $34.00, which would mean at a current price of around 38 represents a gain of 11%, far lower than I expected but still very decent for no effort. The Fund said shareholders subscribed to about 18.5 million shares (including oversubscription requests). The Fund however did not say when it will assign oversubscribed shares. As I mentioned before, the rest of the shares are already deposited.
India Fund Inc. (IFN) Rights Offer
Shares from the India Fund Inc. (IFN) rights offer deposited in my Scottrade account today, one day before the close of the offer. Oversubscribed shares have not yet been deposited, so I don’t know if I will get any. I hope I do. As of last Friday, the premium on the fund was 15%. Stay tuned to this space and I will post the premium at tomorrow’s close by Monday. I believe it will be less than 15% because IFN has been dropping inspite of a rising Indian market. But you never know.
