Director/PDMR Shareholding

India Capital Growth Fund Limited
18 April 2008



                                                                   18 April 2008


                       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 17 April 2008 that the following holding of Ordinary
Shares was acquired on 17 April 2008 and are beneficially held by Jane Ingall,
who is the wife of the Chairman of the Company, Micky Ingall:


100,000 ordinary shares at 80.16 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

200,000 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]



                      This information is provided by RNS
            The company news service from the London Stock Exchange