SEC Filing Summary: IGC Pharma, Inc. (India Globalization Capital, Inc.)
Business Context and Reporting Period
This Form 8-K was filed on March 9, 2016, reporting events occurring on March 4, 2016. The registrant, India Globalization Capital, Inc. (trading as IGC Pharma, Inc.), is a Maryland corporation focused on investment and development opportunities, particularly in India.
Key Financial Metrics and Transaction Details
The filing details a specific asset exchange rather than standard periodic financial results. Key metrics include:
- Asset Acquired: 5 acres of prime land in Nagpur, India, located near the MIHAN development zone.
- Consideration Paid: 22% minority interest in Sricon.
- Valuation: The exchange is valued between $3 million and $5 million, contingent on exchange rates and other factors.
- Registration Date: The land was beneficially registered in the company's name on March 4, 2016.
The filing does not provide data on revenue, profit, cash flow, margins, debt, or liquidity for the reporting period.
Material Changes and Strategic Outlook
The primary material change is the conversion of an equity stake in Sricon into real estate assets. Management plans to utilize the team from the recently acquired Cabaran Ultima to assess the feasibility of developing the land into commercial property. No guidance, risks, or contingencies regarding this specific transaction were detailed beyond the valuation range.
Investor Verification Checklist
- Verify the exact valuation of the 5 acres of land in Nagpur given the stated range of $3 million to $5 million.
- Confirm the current status and value of the 22% minority interest in Sricon that was exchanged.
- Review the attached press release (Exhibit 99.1) for additional details on the Cabaran Ultima team's assessment timeline.
- Check subsequent filings for updates on the development feasibility study of the Nagpur land.