Publication of a Prospectus and Listing Update

For immediate release

21 December 2017

INDIA CAPITAL GROWTH FUND LIMITED

LEI: 213800TPOS9AM7INH846

(the "Company" or "ICGF")

(a closed-ended investment company incorporated with limited liability under the Laws of Guernsey with registered number 43916)

Publication of Prospectus and Listing Update

The Company announces that following the announcement made on 19 September 2017 it has today published its prospectus ("Prospectus") in connection with the admission of the Company's ordinary shares ("Ordinary Shares") to the premium segment of the Official List of the UK Listing Authority and to trading on London Stock Exchange plc's main market for listed securities ("Admission").

It is expected that Admission will become effective and that dealings in the Ordinary Shares on the London Stock Exchange's main market will commence at 8:00 am on 24 January 2018. Accordingly, the last day for dealings in the shares of ICGF on AIM will be 23 January 2018. Trading in the Ordinary Shares on AIM will be cancelled simultaneously with Admission.

The Company is not raising any funds or issuing any new ordinary shares in connection with Admission.

The Company's TIDM code on the London Stock Exchange will continue to be IGC. On Admission, the Company's issued share capital will be 112,502,184 Ordinary Shares of £0.01 each. The total number of Ordinary Shares with voting rights in the Company is 112,502,184 ordinary shares.

The Prospectus has been approved by the UK Listing Authority. A copy can be accessed on the Company's website www.indiacapitalgrowth.com, and will shortly be available for viewing at the National Storage Mechanism at http://www.morningstar.co.uk/uk/NSM.

Enquiries

Temple Bar Advisory (PR Advisers)

Tom Allison/ Ed Orlebar/ Alycia MacAskill

020 7002 1080

Ocean Dial Asset Management Limited (Investment Manager)

Robin Sellers / David Cornell

020 7068 9870

Stockdale Securities Limited (Sponsor and Broker)

Robert Finlay / Owen Matthews

020 7601 6115

Grant Thornton UK LLP (Nominated Adviser)

Philip Secrett / Carolyn Sansom

020 7383 5100