India Globalization Capital (IGC) Form 4 India Globalization Capital / RAM MUKUNDA ownership change

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

MUKUNDA RAM

(Last) (First) (Middle)

10224 FALLS ROAD

(Street)

POTOMAC MD 20854

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
India Globalization Capital, Inc. [ IGC ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	10% Owner
X	Officer (give title below)	Other (specify below)
CEO

3. Date of Earliest Transaction (Month/Day/Year)
03/21/2022

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	03/21/2022		M		333,334(1)	A	$0.0	2,508,094	D
Common Stock	05/31/2022		M		600,000(2)	A	$0.0	3,108,094	D
Common Stock	06/01/2022		M		200,000(2)	A	$0.0	3,308,094	D
Common Stock	03/21/2022		M		16,667(1)	A	$0.0	744,084	I	BY SPOUSE

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Restricted Stock Units	$0.0	03/21/2022		M			333,334(1)	(1)	(1)	Common Stock	333,334	$0.0	3,866,666	D
Restricted Stock Units	$0.0	05/31/2022		M			600,000(2)	(2)	03/31/2032	Common Stock	600,000	$0.0	3,266,666	D
Restricted Stock Units	$0.0	06/01/2022		M			200,000(2)	(2)	03/31/2032	Common Stock	200,000	$0.0	3,066,666	D
Restricted Stock Units	$0.0	03/21/2022		M			16,667(1)	(1)	(1)	Common Stock	16,667	$0.0	33,333	I	BY SPOUSE

Explanation of Responses:

1. On July 19, 2021, the Reporting Person was granted RSUs subject to vesting equally over three years starting on March 31, 2022.

2. On December 20, 2021, the Reporting Person was granted RSUs subject to vesting according to specific milestones set by the Company's Board of Directors. The RSUs vest when milestones are achieved. On May 31 and June 1, 2022, two of the milestones related to our IGC-AD1 clinical trials were reached.

	/s/ Ram Mukunda	06/28/2022
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
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