24 September 2021

INDIA CAPITAL GROWTH FUND LIMITED

LEI: 213800TPOS9AM7INH846

Announcement of Redemption Facility Exit Discount

In June 2020 Shareholders voted to introduce a redemption facility as set out in the EGM Circular to Shareholders dated 26 May 2020. This provided for the First Redemption Point to be 3.00pm on 31 December 2021 for Shareholders on the register at 6.00pm on 30 September 2021. Further details of the mechanics of the redemption facility can be found in the EGM Circular to Shareholders dated 26 May 2020, which is available on the Company's website at www.indiacapitalgrowth.com.

The Board now announces that the Exit Discount applicable to the Redemption Pool at the First Redemption Point will be six per cent.

Announcement of Notification of Results for the six months ended 30 June 2021

On Wednesday 29 September 2021 the Company will announce its results for the six months ended 30 June 2021.

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 as it forms part of UK Domestic Law by virtue of the European Union (Withdrawal) Act 2018.

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About India Capital Growth Fund

India Capital Growth Fund Limited the LSE premium listed 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 and private Indian companies where the Fund Manager believes long-term capital appreciation will be achieved. www.indiacapitalgrowth.com