The India Capital Growth Fund is a closed ended investment company registered and incorporated in Guernsey. The Company was established to take advantage of long term investment opportunities in companies based in India. Investments will be made into listed and unlisted companies through two subsidiaries in Mauritius. The Company’s investment objective is to provide long term capital appreciation by investing (directly or indirectly) in companies based in India. The investment policy permits the Company to make investments in a range of Indian equity securities and Indian equity linked securities. The Directors intend that, once fully invested, the Company's investments will predominantly be in listed mid and small cap Indian companies and a smaller proportion in unlisted Indian companies. Investment may also be made in large cap listed Indian companies and in companies incorporated outside India, which have significant operations or markets in India, where the Fund Manager believes long term capital appreciation will be achieved.
While the principal focus will be on investments in listed or unlisted equity securities or equity-linked securities, the Company has the flexibility to invest in bonds (including non-investment grade bonds), convertibles and other types of securities, where suitable opportunities arise. The Company may use derivative instruments such as financial futures, options and warrants. The Company may, from time to time, use borrowings to provide short-term liquidity and, if the Directors deem it prudent, for longer term purposes. The Directors intend to restrict borrowings on a longer term basis to a maximum amount equal to 25 per cent. of the net assets of the Company at the time of the drawdown. The Company currently does not have a fixed life but the Board considers it desirable that Shareholders should have the opportunity to review the future of the Company after an initial period of ten years and periodically thereafter. Accordingly, at the annual General Meeting of the Company in 2015 (and every five years thereafter) an ordinary resolution will be proposed that the Company should continue as presently constituted. The Directors are responsible for the determination of the Company's investment policy and have overall responsibility for the Company's day to day activities. Under the Fund Management Agreement, India Investment Partners Limited has been appointed to manage the Company's portfolio and to provide various management services to the Company, subject to the overriding supervision of the Directors. The Company’s capital structure is comprised of Ordinary shares and Warrants, which were issued on admission on the basis of one Warrant for every five Ordinary shares. The Ordinary Shares and Warrants are listed on AIM. The Company publishes the Net Asset Value (NAV) for its ordinary shares monthly via the Regulatory News Service (RNS) of the London Stock Exchange. The news section of this website contains an archive of RNS announcements relating to the Company. Delayed Pricing of the Company’s LSE listed securities are available in the prices section of this website and from various other sources online. Closing mid prices are also published daily in the Financial Times. Other information on this website is updated approximately every six months and the last update was to the date of the 2009 Annual Report, 8 March 2010. This website contains the information required to be disclosed pursuant to Rule 26 of the AIM Rules for Companies