Result of EGM

India Capital Growth Fund Limited
25 October 2006


25 October 2006

                       India Capital Growth Fund Limited


Results of Extraordinary General Meeting regarding the proposed cancellation of
the share premium account.


Following an Extraordinary General Meeting of the Company held on the 20 October
2006 the Company is pleased to announce that 99.94% of those proxies returned
had voted in favour of the Special Resolution therefore;

IT WAS RESOLVED that, conditional on the approval of the Royal Court of
Guernsey, the amount standing to the credit of the share premium account of the
Company be cancelled and the amount of the share premium account so cancelled be
credited as a distributable reserve to be established in the books of account of
the Company which shall be able to be applied in any manner in which the
Company's profits available for distribution (as determined in accordance with
the Companies (Guernsey) Laws, 1994 - 1996 (as amended)) are able to be applied,
including the purchase of the Company's own shares and payment of dividends.


Enquiries: Northern Trust International Fund Administration Services (Guernsey)
Limited - Company Secretary

01481 745342

END






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