Director/PDMR Shareholding

India Capital Growth Fund Limited
10 December 2007



                                                                10 December 2007



                       India Capital Growth Fund Limited

                                (the 'Company')

                           Re: Dealings by Directors


Pursuant to the AIM Rules (17) the Company is obliged to notify the RNS of
Directors' holdings or interests of the Directors' or their connected persons in
shares of the Company.


The Company was notified on 7 December 2007 that the following holding of
Ordinary Shares was acquired on 7 December 2007 and are beneficially held by
Jane Ingall, who is the wife of the Chairman of the Company, Micky Ingall:


100,000 ordinary shares at 118.486 pence per share.


Following this purchase of Ordinary Shares the total holding of Micky Ingall and
his immediate family in the Company is now:


250,000 ordinary shares           held by Micky Ingall
100,000 ordinary shares           held by Jane Ingall
50,000 warrants                   held by Micky Ingall



All Enquiries:


Andrew Maiden
Northern Trust International Fund Administration Services (Guernsey) Limited
Trafalgar Court
Les Banques
St Peter Port
Guernsey
GY1 3QL

Tel: [phone]






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