On March 8, 2006, India Globalization Capital, Inc. announced that its underwriter had exercised all of its over-allotment option and purchased an additional 1,474,500 units. A total of 11,304,500 units were sold to the public. An additional 170,000 units were sold to certain of the insiders. The total gross proceeds raised in the IPO were $68,847,000.
The balance placed in the trust account is $65,615,250, equal to $5.80 per share. This balance includes $1.769 million in fees that have been deferred by the underwriter and $1.02 million that was raised through the sale of unitss to certain of the insiders. In the event that the company is liquidated, neither the underwriter nor the insiders purchasing the units will receive any of the funds placed into the escrow account.
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