Transaction in Own Shares

8 November 2023

INDIA CAPITAL GROWTH FUND LIMITED

LEI: 213800TPOS9AM7INH846

Transaction in own shares

India Capital Growth Fund ("ICGF" or "the Company") announces that on 7 November 2023 it bought the following number of ordinary shares of 1p each ("shares") on the London Stock Exchange through Shore Capital Stockbrokers as part of its £5 million share buy-back programme announced on 1 November 2023.   These shares will be held in treasury.

The Company has to date purchased in aggregate 34,997 shares (to be held in treasury) through Shore Capital Stockbrokers in connection with its share buyback programme which commenced on 1 November 2023.

Following the transaction, the Company's issued share capital comprises:

96,430,656 shares (excluding treasury and redemption shares)

16,071,517 shares held in treasury (including redemption shares)

112,502,173 shares (including treasury and redemption shares)

The total number of Ordinary shares with voting rights in the Company is 96,430,656 and this figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the Disclosure Guidance and Transparency Rules.

ENQUIRIES

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