61KM State Is. 49

RNS No 9435n
INDIA IT FUND LIMITED
16 June 1999

INDIA IT FUND LIMITED

At a recent Meeting of the Board of Directors of the Company it was resolved
that the "C" Shares in the Company issued pursuant to a Placing and Continuous
Offer as approved by Shareholders at an Extraordinary General Meeting held on 8
April 1999, would be converted into the Shares of the Company as of Wednesday,
16 June 1999.  This decision was made as a result of the investment of the
proceeds of the "C" Share issue being substantially complete.

As set out in the General Information section of the Placing Memorandum dated 9
April 1999 the conversion was based on a formula calculated by the Auditors of
the Company, using the number of "C" Shares to be converted, the Net Asset Value
per "C" Share on the Valuation point during the conversion period and the Net
Asset Value of the Shares on the Valuation point.  The Directors approved the
Valuation point as being Thursday 10 June 1999.

Shares issued to "C" Shareholders based on the calculation have been notified in
a notice sent out to such holders.  Shareholders of "C" Shares received
0.403941 Shares in the Company for every one "C" Share held.  A total of 828,079
Shares have been issued as a result of the conversion.  Application for
admission of the Shares to the Official List has already been granted.  Upon
issue of the Shares, the related number of "C" Shares in the Company were
cancelled.  Dealing in the Shares starts immediately.

The directors further resolved that the First Dealing Day on which redemption
of Shares will be permitted and issues of Shares under the Continuous Offer will
take place will be Thursday, 2 September 1999 using the Valuation Point of 4pm
on Tuesday, 31 August 1999.

END

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