Excel Funds Management Inc., the manager of Excel India Trust, says the trust has issued an additional 350,000 units of the Trust at a price of $1 per unit for gross proceeds of $3.5 million 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 $48.5 million.

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 . 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: to provide holders of Units with quarterly distributions (initially targeted to be 12.5¢ per unit per quarter, or 5% per annum based on the offering price of $10 per unit); and 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 Corp., Dundee Securities Corporation, HSBC Securities (Canada) Inc., Raymond James Ltd., Desjardins Securities Inc., Berkshire Securities Inc., Blackmont Capital Inc., IPC Securities Corp., Richardson Partners Financial Limited and Wellington West Capital Inc.