NOT FOR RELEASE, DISTRIBUTION OR PUBLICATION, DIRECTLY OR INDIRECTLY, IN OR TO INDIA, THE UNITED STATES, AUSTRALIA, CANADA, THE REPUBLIC OF SOUTH AFRICA, JAPAN OR ANY MEMBER STATE OF THE EEA (OTHER THAN THE UNITED KINGDOM) OR ANY OTHER JURISDICTION IN WHICH THE PUBLICATION, DISTRIBUTION OR RELEASE OF THIS ANNOUNCEMENT WOULD BE UNLAWFUL.

19 October 2018

ASHOKA INDIA EQUITY INVESTMENT TRUST PLC

Block Listing Application

The Board of Ashoka India Equity Investment Trust plc (the "Company") notes that application has been made to the UK Listing Authority and to the London Stock Exchange for a block listing of 10,000,000  redeemable ordinary shares of £0.01 each ("Ordinary Shares") in the Company to be admitted to the Official List and to trading on the London Stock Exchange's market for listed securities ("Admission").

The above 10,000,000 Ordinary Shares to be block listed may be issued pursuant to the Company's existing general authority to issue shares on a non pre-emptive basis, as detailed in the Securities Note dated 19 June 2018. These Ordinary Shares may be issued inter alia to satisfy market demand and for the purposes of managing the premium to net asset value (cum income) per Ordinary Share at which the Ordinary Shares are trading. When issued, these Ordinary Shares will rank pari passu with the existing Ordinary Shares in issue. It is expected that Admission will become effective on 24 October 2018.

Any Ordinary Shares issued pursuant to the block listing facility will be issued subject to the terms and conditions set out in part IV of the Securities Note.

The Company's LEI is 213800KX5ZS1NGAR2J89.

Enquiries:

Peel Hunt LLP