<PAGE> PAGE 1
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011 A000001 MERRILL LYNCH, PIERCE, FENNER & SMITH INC
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011 C020001 NY
<PAGE> PAGE 2
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011 A000002 NOMURA SECURITIES INTERNATIONAL INC.
011 B000002 8-15255
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011 C020002 NY
011 C030002 10038
012 A000001 PNC BANK, NATIONAL ASSOCIATION
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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SIGNATURE C WILLIAM MAHER
TITLE CFO
<TABLE> <S> <C>
<ARTICLE> 6
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-1999
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 94,056,830
<INVESTMENTS-AT-VALUE> 109,138,983
<RECEIVABLES> 618,857
<ASSETS-OTHER> 198,318
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 109,956,158
<PAYABLE-FOR-SECURITIES> 210,399
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 5,211,902
<TOTAL-LIABILITIES> 5,422,301
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 116,851,302
<SHARES-COMMON-STOCK> 9,830,611
<SHARES-COMMON-PRIOR> 9,830,611
<ACCUMULATED-NII-CURRENT> 1,525,083
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (24,651,845)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 10,809,317
<NET-ASSETS> 104,533,857
<DIVIDEND-INCOME> 621,053
<INTEREST-INCOME> 84,355
<OTHER-INCOME> 0
<EXPENSES-NET> 962,075
<NET-INVESTMENT-INCOME> (256,667)
<REALIZED-GAINS-CURRENT> (1,203,175)
<APPREC-INCREASE-CURRENT> 11,600,243
<NET-CHANGE-FROM-OPS> 10,140,401
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
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<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 10,140,401
<ACCUMULATED-NII-PRIOR> 1,781,750
<ACCUMULATED-GAINS-PRIOR> (23,448,670)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 334,167
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<GROSS-EXPENSE> 1,135,317
<AVERAGE-NET-ASSETS> 97,980,928
<PER-SHARE-NAV-BEGIN> 9.56
<PER-SHARE-NII> (0.03)
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</TABLE>
The India Growth Fund Inc.- Rule 10f-3 transaction
The India Growth Fund Inc. executed a transaction
under Rule 10f-3 during the reporting period. The
transaction involved the purchase of 55,600 shares
in a rights offering for which an affiliate of the
Fund acted as a standby underwriter. At its January 20,
1999 Board of Director's meeting, the Fund's Board of
Directors approved the transaction and determined that
it had been made in compliance with the Fund's Rule 10f-3
procedures.
Details:
The Fund had participated in a public issue of 2,522,000 shares
of Rs. 10/- each, for cash at a premium of Rs. 80/- per share of
Sonata Software Limited wherein DSP Merrill Lynch Limited and ICICI
Securities and Finance Company Limited were the lead managers to the
issue.
The issue was oversubscribed. The Fund had applied for 400,000 shares
and was allotted 55,600 shares.
1. Type of Security: Public issue
2. Timing and Price: It was a public issue of shares @ Rs. 90/- per share.
Rs. 25/- payable on application and the balance amount of Rs. 65/- payable
on allotment. The amount payable on application per share was fixed for
all the applicants. The application was sent on the date of closure. The
balance amount of Rs. 65/- payable on allotment, was adjusted from the
refund of the application money paid on the shares not allotted to the
Fund.
3. Continuous Operation: The company has a track record of 12 years in
the Software industry.
4. Firm Commitment Underwriting: The issue was underwritten by DSP Merrill
Lynch Limited, ICICI Securities and Finance Company Limited, Infrastructure
Leasing and Financial Services Ltd., Export-import Bank of India, Jardine
Fleming India Securities Limited and Enam Financial Consultants Pvt. Ltd.
5. Reasonable Commission: The underwriters will be given commission @ 2.5%
of the amount underwritten which is the standard rate of commission given
on the amount underwritten.
6. Percentage Limit: The Fund has been allotted 55,600 shares which is 2.2%
of the total number of shares issued i.e. 2,522,000 shares.
7. Prohibition of Certain Affiliate Transactions: The Fund had not applied
for shares through any affiliated underwriter. The Fund applied through
Jardine Fleming India Securities Limited which is not an affiliate.
