Net Asset Value(s)

India Capital Growth Fund Limited
05 June 2007


India Capital Growth Fund Limited
05 June 2007

31 May 2007 NAV Statement

India Capital Growth Fund Limited (the 'Company')

05 June 2007

Net Asset Values

The Company announces its net asset values per share as at 31 May 2007:

Net asset value per share - undiluted              106.23 p

Net asset value per share - fully diluted          105.50 p

Progress Update

NAV was up 5.4% on the month, giving a cumulative increase of 14% since 31
December 2006. Indian markets were strong  across the board in May, in line with
other world markets and specifically on the back of easing inflation data 
following increases in the key interest rates by the RBI.   The BSE Sensex rose
4.8% and the BSE Small Cap Index rose  6.0%. The rupee continued to gain against
sterling, appreciating 2.27% during the month.

During the month, the Company continued to add selectively to core holdings and
where appropriate to exit fully or  partly from certain non-core holdings, and
made one new investment. As at 31 May 2007, the Company was 92.4% invested  with
7.6% in cash, mainly in sterling.

Analysis of holdings at 31 May 2007

Sector Summary                            No. of companies       % of Portfolio
Media                                                    2                20.1%
Textiles                                                 2                12.3%
Financial Services                                       4                11.0%
Housing & Construction                                   5                 9.5%
Transportation                                           2                 8.8%
Electricals and Lighting                                 1                 7.0%
Oil Drilling, Equipment & Services                       1                 6.6%
IT                                                       3                 6.6%
Engineering / Manufacturing                              4                 4.8%
Others                                                   2                 5.7%
Total investments                                       26                92.4%
Cash                                                                       7.6%
Total Portfolio                                                          100.0%


Top 10 holdings at 31 May 2007

Holding                              Sector                                % of Portfolio

IOL Broadband                        Media                                 12.5%
S Kumars Nationwide                  Textiles                              8.1%
Prime Focus                          Media                                 7.6%
Asian Electronics                    Electricals and Lighting              7.0%
Aban Offshore                        Oil Drilling Equipment & Services     6.6%
SpiceJet Limited                     Transportation                        5.5%
Logix Microsystems                   IT                                    4.4%
Grabal Alok Impex                    Textiles                              4.2%
Gruh Finance                         Financial Services                    4.1%
Marwadi Shares & Finance (unlisted)  Financial Services                    3.8%






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