Charles Russell Speechlys advises India Capital Growth Fund Limited on its £22. 9m fund raising
Charles Russell Speechlys has advised India Capital Growth Fund Limited on its £22.9m fund raising through the issue of new Ordinary Shares on the exercise of Subscription Share Rights.
India Capital Growth Fund Limited is an AIM quoted closed ended investment company registered in Guernsey, managed by Ocean Dial Asset Management Limited. The Company’s investment objective is to invest predominantly in listed small and mid-cap Indian companies and the proceeds of the issue will be deployed in this strategy.
Following the exercise of all Subscription Share Rights, India Capital Growth Fund Limited has raised a total of £22.875m, resulting in the total assets of the Company now exceeding £100m.
Nearly 90% of the Subscription Share Rights were exercised by Subscription Shareholders, with the balance being placed by Numis Securities by way of a secondary market placing. Charles Russell Speechlys acted for the Company on its issue of Subscription Shares in August 2014, each Subscription Share carrying the Subscription Share Right to subscribe for 1 Ordinary Share on 6 August 2016 at an exercise price of 61p per share.
Robin Sellers, Chief Executive Officer of the Company’s investment manager, Ocean Dial Asset Management Limited, said “We are delighted with the results of the Subscription Share exercise and have been pleased to work with Charles Russell Speechlys and our other advisers on the transaction. We received excellent advice from them. ”
Victoria Younghusband, Corporate partner from Charles Russell Speechlys said “It has been a privilege to work with the Company and its investment manager, Ocean Dial Asset Management Limited, on the creation of the Subscription Shares and to see the transaction through to their exercise in full. This result is very encouraging for funds investing in emerging markets and in India in particular”.
The team at Charles Russell Speechlys was led by Corporate Partner, Victoria Younghusband, assisted by Nathan Lightman.
News & Insights
Public Company update - November 2018
Welcome to the November edition of our biannual Public Company Update.
Governance within FCA regulated firms
We highlight the impact that the FCA’s approach to culture and governance has in our work on governance with our regulated clients
Entrepreneurs’ relief: Relief for gains arising before a dilution event
Helen Coward picks out key highlights from the draft legislation for the 18/19 Finance Bill on changes to Entrepreneurs’ Relief