Indian Globalization Capital (stock symbol: [t]IGC[/t]) has announced that its shareholders have approved its two proposed acquisitions. The common shares are now trading $2.00 below their pre-approval liquidation value.
/C O R R E C T I O N -- India Globalization Capital, Inc./
Monday March 10, 9:47 am ET
In the news release, 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, issued earlier today by India Globalization Capital, Inc. over PR Newswire, we are advised by the company that the first paragraph, first sentence, should read "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" rather than "presented for approval at the Meeting and it continues to seek proxies" as originally issued inadvertently.
Complete, corrected release follows:
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
BETHESDA, Md., March 10 /PRNewswire-FirstCall/ -- 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.
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