India Capital Growth Fund Limited commences an Equity Buyback Plan for 13,013,099 shares, representing 14.99% of its issued share capital, under the authorization approved on June 26, 2024.
July 01, 2024 at 05:00 am
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India Capital Growth Fund Limited commences share repurchases on July 1, 2024, under the program mandated by the shareholders in the Annual General Meeting held on June 26, 2024. As per the mandate, the company is authorized to repurchase up to 13,013,099 shares, representing 14.99% of its issued share capital. The minimum price which may be paid for each ordinary share is £0.01 pence and the maximum price which may be paid for each ordinary share should not be more than 5% above of the average of the middle market quotations for an ordinary share, for the five business days prior to the day the purchase is made and an amount equal to the higher of the price of the last independent trade of an ordinary share and the current highest independent bid for an ordinary share as derived from the London Stock Exchange Trading System. Any shares purchased under this authority may either be cancelled or held as treasury shares or sold for cash. The authority shall expire at the earliest of the conclusion of the next Annual General Meeting to be held in 2025, or 15 months from the date of passing the resolution. As of June 26, 2024, the company had 86,811,872 issued shares.
Shore Capital Stockbrokers Ltd acted as a broker to the company.
India Capital Growth Fund Limited is a closed-ended investment company. The Companyâs investment objective is to provide long-term capital appreciation by investing in companies based in India. The investment policy permits the Company to make investments in a range of Indian equity and equity-linked securities and predominantly in listed mid and small cap Indian companies with a smaller proportion in unlisted Indian companies. Investment may also be made in cap listed Indian companies and in companies incorporated outside India which have significant operations or markets in India. The Company has the flexibility to invest in bonds, including non-investment grade bonds, convertibles and other types of securities. The Company invests in various sectors, such as financials, materials, consumer discretionary, consumer staples, industrials, information technology, health care, and communication services. The Company's investment manager is Ocean Dial Asset Management Limited.
India Capital Growth Fund Limited commences an Equity Buyback Plan for 13,013,099 shares, representing 14.99% of its issued share capital, under the authorization approved on June 26, 2024.