India Globalization Capital Announces Extension of Expiration Date and Reduction of Exercise Price of its Publicly Traded Warrants

BETHESDA, Md.–(BUSINESS WIRE)–India Globalization Capital Inc. (OTC: IGCC) today announced the
extension of the expiration date and reduction in the exercise price for
its outstanding publicly traded warrants, which are quoted on the OTC
Markets under the ticker symbol IGC.WT and CUSIP number 45408X 118.

The public warrants were scheduled to expire at 5:00 p.m., New York
time, on March 6, 2019. The new expiration date of the warrants has been
extended to 5:00 p.m., New York time, on Monday, March 8, 2021. The
warrants are subject to earlier expiration in the event the Company
determines to exercise its right to call the warrants for redemption, as
was the case prior to the extension.

The Company has 11,672,178 outstanding publicly traded warrants to
purchase 1,167,217 shares of its common stock (CUSIP 45408X 308) by
surrendering ten warrants and a payment of $50 in exchange for each
share of common stock.

Commencing at 5:00 p.m., New York time, on March 6, 2019, and
terminating at 5:00 p.m., New York time, on March 8, 2021, the terms of
the warrants will permit the Company to exchange ten warrants and $5 for
each share of common stock (CUSIP 45408X 308), in accordance with
Section 3.1 of the Warrant Agreement. All other terms of the warrants
remain the same.

The Company filed a registration statement with the Securities and
Exchange Commission to register the shares underlying the warrants to
permit the exercise of the warrants. Currently, the Company’s
registration statement is effective. Holders of the warrants will be
able to exercise the warrants for cash since such registration statement
is effective. This communication shall not constitute an offer to sell
or the solicitation of an offer to buy nor shall there be any sale of
the shares underlying the warrants in any state in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state.

Currently IGC‘s Common Stock (IGCC) and Warrants (IGC.WT) are quoted on
the OTC Markets.

About IGC:

IGC has two lines of business: infrastructure and medical cannabis. The
company is based in Maryland, U.S.A.

Our website: www.igcinc.us
Twitter
@IGCIR

Forward-looking Statements:

Please see forward looking statements and risk factors as discussed in
detail in IGC’s Form 10-K for fiscal year ended March 31, 2018, and in
other reports filed with the Securities and Exchange Commission.

Contacts

Claudia Grimaldi
301-983-0998

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