61KM State Is. 49

RNS No 8189k
INDIA I.T. FUND LIMITED
24th November 1997

LETTER TO: COMPANY ANNOUNCEMENTS OFFICE

In our capacity as admistrators of the fund, please be advised of the following
announcement.

In accordance with the placing memorandum, the initial subscription of US$5.25
per share was paid on 15 July 1997 comprising of US$0.25 per share by way of
placing commission and US$5 per share as the first instalment. The second
instalment is payable on not less than 21 days' written notice by the directors.

Investment and allocation of the net proceeds of the first instalment is nearing
completion and the directors have therefore resolved to issue call notices for
the second instalment, for settlement on Friday, 19 December 1997.

FROM: Robert P King
      For Guernsey International Fund Managers Limited

END


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