REG - India CapitalGrwthFd - Investment Manager Update

India Capital Growth FundAnnouncement

09/04/2025 09:45

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RNS Number : 3081E  India Capital Growth Fund Limited  09 April 2025

9 April 2025

 

INDIA CAPITAL GROWTH FUND LIMITED

LEI: 213800TPOS9AM7INH846

 

Investment Manager Update

 

India Capital Growth Fund ("ICGF" or "the Company"), the London main market
listed investment company established to take advantage of long-term
investment opportunities in mid and small cap Indian companies, announced on 2
October 2023 the completion of the acquisition of the Company's investment
manager, Ocean Dial Asset Management Limited ("ODAM"), by AssetCo plc (now
named River Global PLC) ("River Global"). The planned integration of ODAM into
River Global's other active equity asset management businesses (trading under
the River Global brand) has now been completed.

Like ODAM, SVM Asset Management Limited ("SVM"), which trades as RGI Fund
Management, is authorised by the FCA as a small authorised AIFM and, as part
of the integration process, will take on that role from ODAM. River Global
proposes to wind down ODAM's operations in due course.

The Board of the Company has therefore agreed that the Investment Management
& AIFM Agreement entered into with ODAM on 19 September 2017 (as amended
by side letters dated 26 May 2020 and 1 October 2021) shall be novated to SVM
with no change to its terms, effective from 9 April 2025.

As a consequence, the current Investment Advisory Agreement between ODAM and
Saltoro Advisers Pte Ltd, an independent company owned and operated by Gaurav
Narain (the Company's existing principal adviser) and his team in Mumbai, has
been novated from ODAM to River Global Investors LLP, a River Global
subsidiary which provides portfolio management services for SVM, with
unchanged terms, also effective from 9 April 2025. Gaurav Narain remains as
the Company's principal adviser and the Board do not anticipate any change in
the Company's investment strategy or approach as a result of these changes
which are intended simply to streamline and rationalise the Company's
management.

 

ENQUIRIES

 

 River Global & Ocean Dial Asset Management, AIFM & IM
 Gary Marshall, Lucy Draper, Robin Sellers                               +44 20 3327 5107

 Shore Capital, Financial Adviser and Broker
 Gillian Martin, Daphne Zhang (Corporate Finance)                        +44 20 7408 4090

 Henry Willcocks, Fiona Conroy (Corporate Broking)

 Apex Fund and Corporate Services (Guernsey) Limited, Company Secretary  +44 20 3530 3687
 Matt Lihou                                                              indiacapitalbox@apexgroup.com

 

About India Capital Growth Fund

India Capital Growth Fund Limited, the LSE main market 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 (http://www.indiacapitalgrowth.com/)

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