SOURCE: India Globalization Capital, Inc.

India Globalization Capital, Inc.

December 02, 2010 08:00 ET

India Globalization Capital, Inc. Reports on Follow-On Public Offering

BETHESDA, MD--(Marketwire - December 2, 2010) - India Globalization Capital, Inc. (NYSE Amex: IGC), a company competing in the rapidly growing materials and infrastructure industry in India, announced today the pricing of its public offering.

The offering of common stock will be sold at a public offering price of $0.60 per share. Purchasers of common stock will also receive 1 warrant to purchase 1 share of common stock for each 3 shares of common stock that they purchase in this offering without the payment of additional consideration for the warrant. The warrants are exercisable at any time after the closing date of the offering and on or before the seventh anniversary of their initial exercise date at an exercise price of $0.90 per share. The warrants offered hereunder will be listed on the NYSE Amex under the ticker symbol IGC.WS upon Closing and Settlement. 

This press release does not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state. The securities may only be offered by means of a prospectus. The offering described above is being made pursuant to a registration statement on Form S-1 previously filed with and declared effective by the Securities and Exchange Commission on November 10, 2010. The final prospectus relating to the offering was filed with the SEC on November 30, 2010. Copies of the final prospectus relating to the offering may be obtained from the SEC's website at http://www.sec.gov.

About IGC:

Based in Bethesda, Maryland, India Globalization Capital (IGC) is a materials and construction company operating in India. We supply iron ore to China and rock aggregate to the infrastructure industry in India. For more information about IGC, please visit the company's web site at www.indiaglobalcap.com.

Forward-looking Statements:

Some of the statements contained in this press release that are not historical facts constitute forward-looking statements under the federal securities laws. Forward-looking statements can be identified by the use of the words "may," "will," "should," "could," "expects," "plans," "anticipates," "believes," "estimates," "predicts," "intends," "potential," "proposed," or "continue" or the negative of those terms. These statements reflect management's current views and are subject to risks and uncertainties that could cause actual results to differ materially from those projected, expressed or implied in these statements. Factors that could cause actual results to differ, relate to: (i) ability of the parties to successfully execute on contracts and business plans, (ii) ability to raise capital and the structure of such capital including the exercise of warrants, (iii) exchange rate changes between the U.S. dollar and the Indian rupee, (iv) weather conditions in India and (v) the ability of the Company to access ports on the west coast of India. Readers are cautioned not to place undue reliance on these forward-looking statements. The Company undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events, or otherwise. Other factors and risks that could cause or contribute to actual results differing materially from such forward looking statements have been discussed in greater detail in the Company's Annual Report on Form 10-K for the year ended March 31, 2010 filed with the Securities and Exchange Commission.

Contact Information

  • Investor Relations Contact:
    Mr. John Selvaraj
    301-983-0998