REG - India CapitalGrwthFd - Share buy-back programme

India Capital Growth FundAnnouncement

01/11/2023 07:15

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RNS Number : 9493R  India Capital Growth Fund Limited  01 November 2023

1 November 2023

 

India Capital Growth Limited

LEI: 213800TPOS9AM7INH846

Share buy-back programme

This announcement contains inside information

India Capital Growth Limited ("the Company") announces that it will commence a
programme to conduct market purchases of ordinary shares of 1 pence each in
the Company ("shares") up to a maximum aggregate purchase price of £5,000,000
(the "Programme").

The Company has entered into an agreement ("the buy-back agreement") with its
broker, Shore Capital Stockbrokers Ltd ("Shore"), in relation to the Programme
whereby Shore will make the trading decisions concerning the timing of the
market purchases of shares independently of and uninfluenced by the Company,
with such trading decisions being in accordance with the terms of the
Programme. Purchases may continue during any periods during the term of the
Programme when the Company itself would be prohibited from dealing by the UK
version of the Market Abuse Regulation 596/2014/EU (which is part of UK law by
virtue of the European Union (Withdrawal) Act 2018) ("UK MAR").

 

The Company confirms that it currently has no unpublished inside information.

Under the Programme, Shore Capital will repurchase shares within the
parameters set out below from the date of this announcement until close of
business on 29(th) December 2023 (the "buy-back period"). The Company reserves
the right to terminate the programme if at any time it deems this to be
appropriate and would make an announcement in advance of so doing.

The buy-back agreement provides that purchases of shares during the buy-back
period shall be subject to the following parameters:

i.    the minimum price (exclusive of any expenses) at which any share may
be purchased shall be its nominal value of 1 pence;

ii.    the maximum price paid per share shall be no more than the higher
of: (a) 105% of the average middle market closing prices of the shares for the
five dealing days preceding the date of such purchase; and (b) the last
independent trade and the highest current independent bid for the shares at
the time that the purchase is carried out;

iii.   the price paid per share shall not be more than 97% of Shore
Capital's estimate of the net asset value per share on the day of each
purchase; and

iv.   the maximum number of shares acquired shall not, in aggregate, exceed
14,417,696 under the general authority granted by the Company's shareholders
at the annual general meeting on 27 June 2023.

Any market purchase of shares pursuant to the Programme on any dealing day
could represent a significant proportion of the daily trading volume in the
shares on the main market of the London Stock Exchange and could exceed 25 per
cent. of the average daily trading volume. Shares acquired as a result of the
Programme will be held by the Company in treasury and will not have any voting
rights.

Details of all purchases made pursuant to the Programme will be announced via
RNS and published on the Company's website.

The person responsible for making this announcement on behalf of the Company
is Matt Lihou, Company Secretary.

 

ENQUIRIES

 

 Matt Lihou
 Apex Fund and Corporate Services (Guernsey) Limited
 +44 20 3530 3687
 matt.lihou@apexgroup.com (mailto:matt.lihou@apexgroup.com)
 indiacapitalbox@apexgroup.com (mailto:indiacapitalbox@apexgroup.com)

 

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
(https://url.avanan.click/v2/___http:/www.indiacapitalgrowth.com___.YXAxZTpzaG9yZWNhcDphOm86N2NkNDZjZWQ1NGY5NGEyYTZlZDY0MmFiZjZiNTJlMmM6Njo0NmUzOjAxMjNmMDIzZDBiYjExMWIyMjc0MDMxYzUyMzJmNzcxMGRmNWE5ZTU3NWRmNzU2YzJjMDljZmQzNzUwY2NjMGU6aDpU)

 

 

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