Bethesda, April 12, 2013 (GLOBE NEWSWIRE) -- India Globalization Capital, Inc. (NYSE MKT: IGC), acompany competing in the rapidly growing materials andinfrastructure industry in India and China, announced that itsBoard of Directors unanimously approved a reverse split of itscommon stock at a ratio of 1-for-10 commencing at the open of theNYSE MKT Exchange on April 19, 2013. The Company is committed tobecoming compliant with all NYSE MKT listing requirements. Accordingly, as of April 19, 2013, the effective date of thereverse split, each 10 shares of issued and outstanding commonstock and equivalents will be converted into 1 share of commonstock. In addition, at the market open on April 19, 2013 the commonstock will trade under a new CUSIP number 45408X 308. TheCompany's ticker symbol, IGC, will remain unchanged. Likewise, the exercise of each outstanding warrant and optionentitles the holder to 1/10 of a post reverse split share,alternatively, post split, the exercise of 10 warrants wouldconvert to one share of common stock. As a result of the reverse stock split, the number ofoutstanding common shares will be reduced to approximately6,980,124. The number of authorized shares and the par value pershare will remain unchanged. No fractional shares will be issued inconnection with the reverse stock split. Following the completionof the reverse stock split, IGC's transfer agent will aggregate allfractional shares that otherwise would have been issued as a resultof the reverse stock split and the share holders holding thefractional shares will be paid out in cash for the fractionalportion of their share holding. The reverse stock split will affectall stockholders uniformly and will not affect any stockholder'sownership percentage of the shares of the Company's commonstock. IGC stockholders should contact their broker or IGC'stransfer agent, Continental Stock Transfer and Trust Company forany issues relating to the reverse stock split.
About IGC:Based in Bethesda, Maryland, India GlobalizationCapital, Inc. (IGC) is a materials and infrastructure companyoperating in India and China. We currently supply iron ore to steelcompanies operating in China. For more information about IGC,please visit IGC's Web site at www.indiaglobalcap.com. Forinformation about Ironman, please visit www.hfironman.net. Forward-looking Statements: Some of the statements contained in this pressrelease that are not historical facts constitute forward-lookingstatements under the federal securities laws. Forward-lookingstatements can be identified by the use of the words "may," "will,""should," "could," "expects," "post", "plans," "anticipates,""believes," "estimates," "predicts," "intends," "potential,""proposed," "confident" or "continue" or the negative of thoseterms. These statements are not a guarantee of future developmentsand are subject to risks, uncertainties and other factors, some ofwhich are beyond IGC's control and are difficult to predict.Consequently, actual results may differ materially from informationcontained in the forward-looking statements as a result of futurechanges or developments in our business, our competitiveenvironment, infrastructure demands, Iron ore availability andgovernmental, regulatory, political, economic, legal and socialconditions in China and India. The Company undertakes no obligation to publiclyupdate any forward-looking statements, whether as a result of newinformation, future events, or otherwise. Other factors and risksthat could cause or contribute to actual results differingmaterially from such forward-looking statements have been discussedin greater detail in IGC's Schedule 14A, Form 10-K for FYE 2012,Form 10-Q for the quarter ended September 30, 2012, filed with theSecurities and Exchange Commission on December 9, 2011, July 16,2012, and November 14, 2012, respectively.
CONTACT: Investors Contact Information Claudia Grimaldi 301-983-0998