Bethesda, April 12, 2013 (GLOBE NEWSWIRE) -- India Globalization Capital, Inc. (NYSE MKT: IGC), a company competing in the rapidly growing materials and infrastructure industry in India and China, announced that its Board of Directors unanimously approved a reverse split of its common stock at a ratio of 1-for-10 commencing at the open of the NYSE MKT Exchange on April 19, 2013. The Company is committed to becoming compliant with all NYSE MKT listing requirements.
Accordingly, as of April 19, 2013, the effective date of the reverse split, each 10 shares of issued and outstanding common stock and equivalents will be converted into 1 share of common stock. In addition, at the market open on April 19, 2013 the common stock will trade under a new CUSIP number 45408X 308. The Company's ticker symbol, IGC, will remain unchanged. Likewise, the exercise of each outstanding warrant and option entitles the holder to 1/10 of a post reverse split share, alternatively, post split, the exercise of 10 warrants would convert to one share of common stock.
As a result of the reverse stock split, the number of outstanding common shares will be reduced to approximately 6,980,124. The number of authorized shares and the par value per share will remain unchanged. No fractional shares will be issued in connection with the reverse stock split. Following the completion of the reverse stock split, IGC's transfer agent will aggregate all fractional shares that otherwise would have been issued as a result of the reverse stock split and the share holders holding the fractional shares will be paid out in cash for the fractional portion of their share holding. The reverse stock split will affect all stockholders uniformly and will not affect any stockholder's ownership percentage of the shares of the Company's common stock. IGC stockholders should contact their broker or IGC's transfer agent, Continental Stock Transfer and Trust Company for any issues relating to the reverse stock split.