INDIA GLOBALIZATION CAPITAL, INC. (NYSEMKT:IGC) Files An 8-K Completion of Acquisition or Disposition of Assets
Item 2.01. Completion of Acquisition or Disposition of Assets.
Capital, Inc. (“IGC”) acquired a 10% stake in a 1,000-room
luxury hotel development project encompassing 6 acres in Genting
Highlands, Malaysia by subscribing to 10% stake in Brilliant
Hallmark Sdn. Bhd. (“Brilliant”) free and clear of all
encumbrances.
assigned, sold, and transferred to IGC 11 shares of Brilliant,
which shares constituted 10% of the issued and outstanding shares
of Brilliant. Likewise, as a consideration for the transaction,
IGC issued to Brilliant the 4,000,000 shares of its common stock,
valued at an agreed upon fair market value on June 2, 2016, of
approximately $1.88 million.
Brilliant Hallmark for a consideration of 4,000,000 shares of
IGCs Common Stock.
previously issued to Brilliant Hallmark, on August 4, 2016, will
be returned and retired, thereby reducing the outstanding IGC
shares from approximately 28,272,667 shares before the sale to
approximately 24,272,667 shares after the sale. In addition, the
Brilliant Hallmark investment will be removed from the IGC
balance sheet with an associated reduction of approximately $1.88
million. The Company does not expect to record a gain or loss
from this transaction.
consolidated financial statements showing the effects of the
transaction as required to be filed to Rule 8-05 of Regulation
S-X for smaller reporting companies, if needed, will be filed by
amendment to this report on Form 8-K within the stipulated
period.
part of this current report.
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Exhibit
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Number
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Exhibit Description
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2.1
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Sale of Brilliant Hallmark Investment Agreement, dated as
of April 3, 2017, by and among India Globalization Capital, Inc., Brilliant Hallmark Sdn. Bhd., Incorporated in Malaysia, and Majority Shareholders of Brilliant Hallmark Sdn. Bhd. |
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99.1
99.2
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Proforma Financial Information. *
Press release issued by India Globalization Capital, Inc.
on April 5, 2017. |
stipulated period, if needed.
About INDIA GLOBALIZATION CAPITAL, INC. (NYSEMKT:IGC)
India Globalization Capital, Inc. develops intellectual property for the treatment of life altering or life threatening conditions, through its research on phytocannabinoid-based therapies, in the United States. The Company also builds farming facilities for leasing. In Malaysia, the Company develops and manages residential and commercial real estate. In India, it leases heavy equipment. It is also focused on developing, testing and patenting phytocannabinoid-based pharmaceutical therapies and becoming a specialty pharmaceutical provider of phytocannabinoid-based pharmaceutical and nutraceutical products. It is developing a product portfolio of phytocannabinoid-based therapies for indications, including neuropathic and cancer pain, epilepsy, end of life supportive care, adjunctive supportive therapies of chronic neurological and oncological diagnosis. In Malaysia, the Company’s subsidiary, Cabaran Ultima Sdn. Bhd., is focused on building a five-star hotel, Genting highlands. INDIA GLOBALIZATION CAPITAL, INC. (NYSEMKT:IGC) Recent Trading Information
INDIA GLOBALIZATION CAPITAL, INC. (NYSEMKT:IGC) closed its last trading session down -0.069 at 0.531 with 4,042,299 shares trading hands.
