Selling IFN

Sold part of my India Fund (IFN) position today. This is a trade on the rights offering. Every owner of IFN has the right to buy 1 share for every 3 she or he owned on July 20 at 95% of net asset value (NAV). Currently stock trades at double-digit premium to NAV. So I think I can buy this stock back (and then some) cheaper than I sold it today.

Full disclosure: at the time of publication author had a long position in IFN. Positions can change any time.