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India CapitalGrwthFd (IGC)

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Wednesday 09 August, 2017

India CapitalGrwthFd

Statement re Acquisition of Investment Manager

RNS Number : 4264N
India Capital Growth Fund Limited
09 August 2017


9 August 2017



(the "Company" or "ICGF")

(a closed-ended investment company incorporated with limited liability under the Laws of Guernsey with registered number 43916)


Acquisition of Investment Manager by Avendus Capital


The Company was informed by Ocean Dial Asset Management Limited ("ODAM"), the investment manager of ICGF, that an agreement has been reached with Avendus Capital Private Limited ("Avendus Capital") whereby Avendus Capital and/or its wholly owned subsidiary will acquire 100% ownership of ODAM.  Avendus Capital is an India-based financial services company registered with the Securities and Exchange Board of India and majority indirectly owned by Avendus' management, and funds and investment vehicles managed or advised by KKR.


The transaction is subject, inter alia, to regulatory approvals from the UK Financial Conduct Authority and Indian regulators including Securities and Exchange Board of India and is expected to be completed during the third/fourth quarter of 2017.


The Board of ICGF is supportive of the transaction.  The investment management team of ODAM will remain unchanged and ODAM is expected to benefit from the extensive network and reach of Avendus Capital in India and the US.




Temple Bar Advisory (PR Advisers)

Tom Allison/ Ed Orlebar/ Alycia MacAskill

020 7002 1080


Ocean Dial Asset Management Limited (Investment Manager)

Robin Sellers / David Cornell

020 7068 9870


Grant Thornton UK LLP (Nominated Adviser)

Philip Secrett / Carolyn Sansom

020 7383 5100


Stockdale Securities Limited (Broker)

Robert Finlay

020 7601 6115


Apex Fund Services (Guernsey) Limited (Administrator)

Stephen Cuddihee

01481 706999


About India Capital Growth Fund

India Capital Growth Fund Limited ("ICGF"), the AIM quoted investment company registered and incorporated in Guernsey, was established to take advantage of long term investment opportunities in companies based in India. ICGF predominantly invests in listed mid and small cap companies, although investments may also be made in large cap Indian companies where the Investment Manager believes long-term capital appreciation will be achieved.

Company website:

About Avendus Capital and Avendus Group

Avendus Capital, headquartered in Mumbai, India, is the flagship company of Avendus Group. Avendus Group is a leading provider of financial services in India across Investment Banking, Wealth Management, Structured Credit Solutions and Alternative Assets Management. The majority shareholder of Avendus Capital are funds managed by KKR, a leading global investment firm that manages multiple alternative asset classes, including private equity, energy, infrastructure, real estate, credit and, through its strategic partners, hedge funds.

Company website:



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

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