India Capital Growth Fund : First Day of Dealings on Main Market of LSE

24 January 2018

INDIA CAPITAL GROWTH FUND LIMITED

LEI: 213800TPOS9AM7INH846

(the 'Company' or 'ICGF')

(a closed-ended investment company incorporated with limited liability under the Laws of Guernsey with registered number 43916)

First day of dealings on Main Market of London Stock Exchange

ICGF is pleased to announce that its entire issued ordinary share capital consisting of 112,502,173 Ordinary Shares of £0.01 each has been admitted to the premium segment of the Official List of the UK Listing Authority and to trading on the London Stock Exchange's Main Market for listed securities ('Admission') at 8.00 a.m. today. Trading in the Company's Ordinary Shares on AIM has today been cancelled.

Admission to the Main Market follows a year of strong performance for ICGF. In the year to 31 December 2017, the Company's NAV increased by 42.3% to £142.9m and its share price rose by 58.6% to 116.5p.

The Company and its advisers believe that moving to the Main Market will further the opportunity to improve the reputation, marketability, liquidity, and valuation of the Company's shares by gaining access to a wider investor audience, and putting the Company 'on a par' with its immediate peer group in the closed-ended, dedicated India fund space.

ICGF's investment objective is to provide long-term capital appreciation by investing in companies based in India. The investment policy permits the Company to make investments in a range of Indian equity and equity linked securities and predominantly in listed small and mid cap Indian companies with a smaller proportion in unlisted Indian companies. Investment may also be made in large-cap listed Indian companies and in companies incorporated outside India which have significant operations or markets in India.

ICGF is led by a highly experienced management team, headed up by Fund Manager David Cornell in London and Fund Adviser Gaurav Narain in Mumbai, both of whom have over 20 years of experience investing in the Indian markets.

David Cornell, Fund Manager of ICGF, commented:'2017 was a fantastic year for the fund and today's listing is yet another milestone in our exciting journey. Our recent performance is testament to the strength of the team and my thanks go to them for all their hard work. India Capital Growth remains well positioned to benefit from India's continued economic transformation, and we look forward to the year ahead with confidence.'

The Company's TIDM code on the London Stock Exchange will continue to be IGC.

The prospectus published by the Company on 21 December 2017 in connection with the Admission can be found on the Company's website www.indiacapitalgrowth.com, and at the National Storage Mechanism at http://www.morningstar.co.uk/uk/NSM.

ENDS

Enquiries:

TB Cardew (PR Advisers)

Tom Allison/ Ed Orlebar/ Alycia MacAskill

07789 998 020/ 07738 724 630 / 07876 222 703

Ocean Dial Asset Management Limited (Investment Manager)

Robin Sellers / David Cornell

020 7068 9870

Stockdale Securities Limited (Sponsor and Broker)

Robert Finlay / Owen Matthews

020 7601 6115

About India Capital Growth Fund:

India Capital Growth Fund Limited ('ICGF'), the AIM quoted investment company registered and incorporated in Guernsey, was established to take advantage of long term investment opportunities in companies based in India. ICGF predominantly invests in listed mid and small cap companies, although investments may also be made in large cap Indian companies where the Investment Manager believes long-term capital appreciation will be achieved.

Company website: www.indiacapitalgrowth.com