India Capital Growth Fund : Appointment of Lynne Duqemin and Notice of Annual General Meeting

INDIA CAPITAL GROWTH FUND LIMITED

(the "Company")

(An authorised closed-ended investment company incorporated in Guernsey with registration

number 43916)

LEI: 213800TPOS9AM7INH846

1st June 2021

Lynne Duquemin appointed non-executive Director

Notice of Annual General Meeting

India Capital Growth Fund Limited is pleased to announce that Lynne Duquemin will join the Board with immediate effect as successor to Peter Niven, who will retire from the Board at the end of 2021.

Lynne Duquemin is a resident of Guernsey. She is a member of the CFA Society of the UK and holds the ASIP qualification. She is also a member of the CFA Institute, Fellow of the Chartered Institute for Securities and Investment, Chartered Director and Chartered Wealth Manager. She was a non-executive director of Aberdeen Frontier Markets Investment Company Limited from February 2016 until its voluntary de-listing from AIM in August 2020 and subsequent members' voluntary liquidation.

Lynne Duquemin has no other disclosures to make under Listing Rule 9.6.13 (1) to (6).

Elisabeth Scott, Chairman of India Capital Growth Fund, said:

"I am delighted that Lynne is joining the Board. She has deep experience of investment management and advisory services and will bring added value to the Board."

AGM Arrangements

The AGM will be held on 14 July 2021at 10.00 a.m. at the registered office of the Company at 1 Royal Plaza, Royal Avenue, St Peter Port, Guernsey, GY1 2HL. A copy of the Shareholder Circular incorporating the Notice of the 2021 AGM will be sent to shareholders in the next fourteen days and will be available for inspection on the Company's website www.indiacapitalgrowth.com.

In light of the current Covid 19 restrictions on travel to Guernsey, shareholders are encouraged to vote by proxy instead of attending the AGM in person. Should this position change, the Company will release an announcement prior to the AGM to confirm the position.

ENDS

ENQUIRIES

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Nick Robilliard

Apex Fund and Corporate Services (Guernsey) Limited

[phone] [e-mail]

About India Capital Growth Fund

India Capital Growth Fund Limited ("ICGF"), 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

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