To: Glenn Petersen who wrote (895 ) 3/10/2008 2:17:40 PM From: Glenn Petersen Read Replies (1) | Respond to On Thursday, India Globalization Capital (stock symbol: [t]IGC[/t]) announced that certain of its insiders had agreed to give up 2.5 million of their shares in order to induce certain third party investors to purchase 2.5 million shares from dissenting shareholders and vote those shares in favor of the company's proposed transactions.India Globalization Capital, Inc. (IGC) Updates Indications of Interest From Certain Investors to Purchase Outstanding Shares of Its Common Stock investors have indicated an interest in purchasing up to an aggregate of approximately 2,500,000 outstanding shares of IGC's common stock and using their reasonable efforts to assist brokers in causing such shares to be voted in favor of IGC's proposed acquisition of a 63% equity interest in Sricon Infrastructures, Limited ("Sricon") and a 77% equity interest in Techni Bharathi Limited (collectively, the "Proposed Acquisition") at IGC's upcoming Special Meeting of Stockholders to be held today. These investors have indicated that these purchases would be conditioned on receiving additional shares of IGC common stock from certain of IGC's founders and other parties upon the closing of the Proposed Acquisition in an amount equal to the shares they purchase. The founders and other parties have agreed to make available up to an aggregate of approximately 2,500,000 shares for delivery to the investors. The proposed share deliveries by IGC's founders and other parties are conditioned on the investors agreeing to purchase and use their reasonable efforts to assist brokers in causing shares of IGC common stock to be voted in favor of the Proposed Acquisition and the other items of business to be considered at IGC's Special Meeting of Stockholders to be held on March 7, 2008 and on the approval by stockholders, and subsequent consummation of, the Proposed Acquisition. biz.yahoo.com
