Ashoka India Equity Investment Trust Plc Regulatory News (AIE)

16 April 2024

LEI: 213800KX5ZS1NGAR2J89

NOT FOR RELEASE, DISTRIBUTION OR PUBLICATION, DIRECTLY OR INDIRECTLY, IN OR TO INDIA, THE UNITED STATES, AUSTRALIA, CANADA, THE REPUBLIC OF SOUTH AFRICA, JAPAN OR ANY MEMBER STATE OF THE EEA OR ANY OTHER JURISDICTION IN WHICH THE PUBLICATION, DISTRIBUTION OR RELEASE OF THIS ANNOUNCEMENT WOULD BE UNLAWFUL. PLEASE SEE THE SECTION ENTITLED "DISCLAIMER" TOWARDS THE END OF THIS ANNOUNCEMENT.

Ashoka India Equity Investment Trust plc

(the "Company" or "Ashoka India Equity Investment Trust")

Publication of Circular and Notice of General Meeting

Ashoka India Equity Investment Trust announces that it has today published a shareholder circular (the "Circular") to convene a general meeting to be held on 3 May 2024 (the "General Meeting"). The purpose of the Circular is to provide shareholders with details of a proposed new share issuance programme together with details of a proposed change to the Company's investment policy (together the "Proposals") and to convene the General Meeting to obtain the required shareholder approvals for the Proposals.

Share issuance programme

The Company is seeking shareholder approval to issue up to 150 million new ordinary shares on a non-pre-emptive basis in connection with the implementation of a new share issuance programme. The implementation of the share issuance programme requires the publication of a prospectus. The Company intends to publish a prospectus containing details of the new share issuance programme shortly. A further announcement giving details of the prospectus and the share issuance programme will be made in due course.

Proposed change to investment policy

The current investment policy states that "it is expected that the Company's portfolio will comprise approximately 50 to 100 investments although, in order to allow the Investment Manager and Investment Adviser flexibility to take advantage of opportunities as they arise, the portfolio may occasionally comprise holdings outside of this range". As detailed in the Circular, the Company is now seeking shareholder approval to remove the upper end of this range, with the amended investment policy to state that the Company's portfolio will comprise a minimum of approximately 50 investments. The change is being proposed to increase flexibility in the number of investments the Company can hold at any time to benefit from the increased investable universe in India since the Company's IPO. No other changes to the investment policy are being proposed.

Full details of the resolutions to be voted on by shareholders of the Company at the General Meeting, along with the time and location of the General Meeting, are contained within the Circular.

Copies of the Circular will shortly be available for inspection at the Company's registered office (6th Floor, 125 London Wall, London EC2Y 5AS) and via the Company's website (www.ashokaindiaequity.com). The Circular will also shortly be available via the National Storage Mechanism (https://data.fca.org.uk/#/nsm/nationalstoragemechanism).

This announcement has been released on behalf of the Company by order of the Board.

Enquiries:

Apex Listed Companies Services (UK) Limited

Jenny Thompson

0203 327 9720

Peel Hunt LLP

Luke Simpson / Liz Yong / Huw Jeremy

020 7418 8900

Disclaimer

This announcement does not constitute a new prospectus relating to the Company and does not constitute, or form part of, any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any shares in the Company in any jurisdiction nor shall it, or any part of it, or the fact of its distribution, form the basis of, or be relied on in connection with or act as any inducement to enter into, any contract therefor.

Peel Hunt LLP ("Peel Hunt"), which is authorised and regulated by the Financial Conduct Authority, is acting for the Company only in connection with the matters described in this announcement and is not acting for or advising any other person, or treating any other person as its client, in relation thereto and will not be responsible for providing the regulatory protection afforded to clients of Peel Hunt or advice to any other person in relation to the matters contained herein.

The shares of the Company have not been, and will not be, registered under the U.S. Securities Act of 1933 (as amended) (the "Securities Act") or under the securities laws of any state or other jurisdiction of the United States, and may not be offered or sold into or within the United States, absent registration, except pursuant to an applicable exemption from, or in a transaction that is not subject to, the registration requirements of the Securities Act and in compliance with the securities laws of any relevant state or other jurisdiction of the United States. Moreover, the shares of the Company have not been, nor will they be, registered under the applicable securities laws of India, Australia, Canada, the Republic of South Africa, Japan or any member state of the EEA. Further, the Company is not, and will not be, registered under the US Investment Company Act of 1940, as amended. The shares of the Company may be offered outside of the United States pursuant to the provisions of Regulation S of the Securities Act. Subject to certain exceptions, the shares of the Company may not be offered or sold in India, the United States, Australia, Canada, the Republic of South Africa, Japan or any member state of the EEA (other than to professional investors in certain EEA member states for which marketing approval has been obtained) or to, or for the account or benefit of, any national, resident or citizen of India, the United States, Australia, Canada, the Republic of South Africa, Japan or any member state of the EEA (other than to professional investors in certain EEA member states for which marketing approval has been obtained). The distribution of this announcement, in other jurisdictions may be restricted by law and the persons into whose possession this announcement comes should inform themselves about, and observe, any such restrictions.

None of the Company, Acorn Asset Management Ltd (the "Investment Manager"), White Oak Capital Partners Pte. Ltd. (the "Investment Adviser") or Peel Hunt, or any of their respective affiliates, accepts any responsibility or liability whatsoever for, or makes any representation or warranty, express or implied, as to this announcement, including the truth, accuracy or completeness of the information in this announcement (or whether any information has been omitted from the announcement) or any other information relating to the Company or associated companies, whether written, oral or in a visual or electronic form, and howsoever transmitted or made available or for any loss howsoever arising from any use of the announcement or its contents or otherwise arising in connection therewith. The Company, the Investment Manager, the Investment Adviser and Peel Hunt, and their respective affiliates, accordingly disclaim all and any liability whether arising in tort, contract or otherwise which they might otherwise have in respect of this announcement or its contents or otherwise arising in connection therewith.