EX-99.1
2
ex99-1.htm
ex99-1.htm
EXHIBIT
99.1
March 10,
2008
FOR
IMMEDIATE RELEASE
India
Globalization Capital, Inc
www.indiaglobalcap.com
CONTACT:
Ram Mukunda (301-983-0998)
Email:
ram@indiaglobalcap.com
Fax:
240-465-0273
AMEX:
IGC
STOCKHOLDERS
OF INDIA GLOBALIZATION CAPITAL, INC. (IGC)
APPROVE
ACQUISITION OF A MAJORITY EQUITY INTEREST IN
SRICON
INFRASTRUCTURE PRIVATE LIMITED AND
TECHNI
BHARATHI LIMITED;
IGC
COMPLETES ACQUISITION
India
Globalization Capital, Inc. (AMEX: IGC.U, IGC, IGC.WT, "IGC") announced today
that at its Special Meeting of Stockholders on March 7, 2008 its stockholders
approved IGC's acquisition of a 63% equity interest in Sricon Infrastructure
Private Limited ("Sricon") and a 77% equity interest in Techni Bharathi Limited
("TBL") presented for approval at the Meeting. IGC then consummated
the acquisition of the interests in Sricon and TBL on March 7,
2008.
In
addition to approving the acquisition transaction, IGC's stockholders
approved all other proposals voted upon
at IGC's special meeting of stockholders that
was convened on March 7, 2008.
A total
of 2,064,165 shares issued in IGC's initial
public offering were cast in opposition to
the acquisition transaction and elected to be
converted into a pro rata portion of the proceeds from the initial public
offering held in
trust, representing approximately 18.26% of the
shares issued in the initial public offering. Cash in the
amount of approximately $12.3 million (representing $5.94 per share) will be
paid to these stockholders.
ABOUT
IGC
Based in
Bethesda, Maryland, IGC is a special purpose acquisition company for the purpose
of acquiring, through a merger, capital stock exchange, asset acquisition or
other similar business combination, one or more operating businesses with
primary operations in India. IGC raised approximately $67.8
million in gross proceeds through its initial public offering consummated in
March 2006 and has dedicated its time since the initial public offering to
seeking and evaluating business combination opportunities in India.

EX - 99 . 1 2 ex99 - 1 . htm ex99 - 1 . htm EXHIBIT 99 . 1 March 10 , 2008 FOR IMMEDIATE RELEASE India Globalization Capital , Inc www.indiaglobalcap.com CONTACT : Ram Mukunda ( 301 - 983 - 0998 ) Email : ram@indiaglobalcap.com Fax : 240 - 465 - 0273 AMEX : IGC STOCKHOLDERS OF INDIA GLOBALIZATION CAPITAL , INC . ( IGC ) APPROVE ACQUISITION OF A MAJORITY EQUITY INTEREST IN SRICON INFRASTRUCTURE PRIVATE LIMITED AND TECHNI BHARATHI LIMITED ; IGC COMPLETES ACQUISITION India Globalization Capital , Inc . ( AMEX : IGC . U , IGC , IGC . WT , " IGC " ) announced today that at its Special Meeting of Stockholders on March 7 , 2008 its stockholders approved IGC 's acquisition of a 63 % equity interest in Sricon Infrastructure Private Limited ( " Sricon " ) and a 77 % equity interest in Techni Bharathi Limited ( " TBL " ) presented for approval at the Meeting . IGC then consummated the acquisition of the interests in Sricon and TBL on March 7 , 2008 . In addition to approving the acquisition transaction , IGC 's stockholders approved all other proposals voted upon at IGC 's special meeting of stockholders that was convened on March 7 , 2008 . A total of 2,064,165 shares issued in IGC 's initial public offering were cast in opposition to the acquisition transaction and elected to be converted into a pro rata portion of the proceeds from the initial public offering held in trust , representing approximately 18 . 26 % of the shares issued in the initial public offering . Cash in the amount of approximately $ 12.3 million ( representing $ 5.94 per share ) will be paid to these stockholders . ABOUT IGC Based in Bethesda , Maryland , IGC is a special purpose acquisition company for the purpose of acquiring , through a merger , capital stock exchange , asset acquisition or other similar business combination , one or more operating businesses with primary operations in India . IGC raised approximately $ 67.8 million in gross proceeds through its initial public offering consummated in March 2006 and has dedicated its time since the initial public offering to seeking and evaluating business combination opportunities in India .