Share Buy Back Authority

INDIA CAPITAL GROWTH FUND LIMITED

LEI: 213800TPOS9AM7INH846

Share buyback authority

The Board is pleased to see the discount at which the Company's shares trade to NAV has reduced as the Company approaches the First Redemption Point. The introduction of the Redemption Facility was in part intended to deliver a share price more closely reflective of the prospects and underlying value of the Company. The Board will nevertheless continue to monitor the share price both in the run-up to the First Redemption Point and thereafter and will consider using the available share buyback authority where it believes the discount is inappropriately wide save in more volatile market conditions.

Capitalised terms in this announcement have the same meaning as given in the EGM Circular to Shareholders dated 26 May 2020, which is available on the Company's website at: www.indiacapitalgrowth.com.

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