In August, India Capital Growth (IGC)’s subscription shares were converted into ordinary shares. This increased its net assets by 29.2% before costs. IGC’s manager believes that this expansion should improve liquidity in the company’s shares and lower its ongoing charges ratio. However, IGC’s manager points out that despite these positive developments, an improving outlook for India and superior performance relative to its immediate peers, IGC’s discount has widened both absolutely and relative to its peer group. The manager feels that this is not justified and sees a number of potential catalysts for it to narrow, particularly if IGC continues to grow and passes the £100m market cap threshold (£91.5m as at 20 October 2016).