India Capital Growth Fund Limited commences share repurchases on October 26, 2023, under the program mandated by the shareholders in the Annual General Meeting held on June 27, 2023. As per the mandate, the company is authorized to repurchase up to 14,467,696 shares, representing 14.99% of its issued share capital. The minimum price which may be paid for each ordinary share is £0.01 pence and the maximum price which may be paid for each ordinary share should not be more than 5% above of the average of the middle market quotations for an ordinary share, for the five business days prior to the day the purchase is made and an amount equal to the higher of the price of the last independent trade of an ordinary share and the current highest independent bid for an ordinary share as derived from the London Stock Exchange Trading System. Any shares purchased under this authority may either be cancelled or held as treasury shares or sold for cash. The authority shall expire at the earliest of the conclusion of the next Annual General Meeting to be held in 20224, or 15 months from the date of passing the resolution. As of May 24, 2023, the company had 96,515,653 issued shares (excluding treasury shares)and 15,986,520 treasury shares.

On November 1, 2023, the company announced a share repurchase program. Under the program, the company will repurchase up to £5 million worth of its shares. The program will be valid till December 29, 2023.

Shore Capital Stockbrokers Ltd acted as a broker to the company.