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Stock Market & Financial Investment News

News Breaks
December 20, 2012
10:14 EDTIGCIndia Globalization Capital unit awarded $2.2M by Indian court
India Globalization Capital announced that a final court ruling has been rendered, in the company's favor, against the National Highway Authority of India, granting an award of $2.2M. The claim had been filed by IGC's subsidiary TBL on behalf of a joint venture in which TBL is the 95% partner. The final judgment was passed on December 19. As previously disclosed, the company had reported that it had access to about $2.5M at an exchange rate of 55 INR to $1 in funds deposited by the NHAI with the High Court in Delhi against the arbitration award won by TBL. In further negotiations with the NHAI and a court appointed expert, the company, rather than continue to litigate and prolong the outcome, agreed to a small reduction in return for a final settlement and judgment.
News For IGC From The Last 14 Days
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December 18, 2014
08:09 EDTIGCIndia Globalization Capital acquires Midtown Partners
IGC announces the acquisition of Midtown Partners & Co, a New York based licensed broker dealer, as part of its strategy to diversify and expand into the legal cannabis industry. IGC will acquire 24.9 % of Midtown for up to 1.2M shares of common stock, subject to regulatory approval and downward adjustment based on certain Q4 2014 financial statement matters including the amount of cash in Midtown. Following the receipt of all required SEC, FINRA and other regulatory approvals, IGC has agreed to acquire, in a final closing, the remaining 75.1% of the outstanding membership interests in Midtown for an additional 700,000 shares of our common stock, subject to downward adjustment based on certain financial statement matters prior to the final closing. IGC expects Midtown to have enough cash to fund IGC's plans for Midtown.

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