Edgar Filing: India Globalization Capital, Inc.

Ownership Submission

FORM 4

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

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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(Print or Type Responses)

1. Name and Address of Reporting Person ^*

UBS AG

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

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

_____ Director	__X__ 10% Owner
_____ Officer (give title below)	_____ Other (specify below)

(Last)

(First)

(Middle)

BAHNHOFSTRASSE 45

3. Date of Earliest Transaction (Month/Day/Year)
03/20/2008

(Street)

CH-8001, ZURICH, SWITZERLAND

4. If Amendment, Date 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

(City)

(State)

(Zip)

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)
1.Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	05/01/2008		S		2,000	D	$ 4.86	31,665	I ⁽¹⁾	See Footnote ⁽¹⁾
Common Stock	05/02/2008		P		4,190	A	$ 4.81	35,855	I ⁽¹⁾	See Footnote ⁽¹⁾
Common Stock	05/02/2008		S		490	D	$ 4.84	35,365	I ⁽¹⁾	See Footnote ⁽¹⁾
Common Stock	05/02/2008		S		200	D	$ 4.86	35,165	I ⁽¹⁾	See Footnote ⁽¹⁾
Common Stock	05/02/2008		S		200	D	$ 4.85	34,965	I ⁽¹⁾	See Footnote ⁽¹⁾
Common Stock	05/02/2008		S		3,300	D	$ 4.8	31,665	I ⁽¹⁾	See Footnote ⁽¹⁾
Common Stock	05/05/2008		P		200	A	$ 4.72	31,865	I ⁽¹⁾	See Footnote ⁽¹⁾
Common Stock	05/05/2008		S		200	D	$ 4.72	31,665	I ⁽¹⁾	See Footnote ⁽¹⁾
Common Stock	05/07/2008		P		5,292	A	$ 4.71	36,957	I ⁽¹⁾	See Footnote ⁽¹⁾
Common Stock	05/07/2008		S		5,292	D	$ 4.71	31,665	I ⁽¹⁾	See Footnote ⁽¹⁾
Common Stock	05/08/2008		P		1,000	A	$ 4.63	32,665	I ⁽¹⁾	See Footnote ⁽¹⁾
Common Stock	05/08/2008		P		300	A	$ 4.62	32,965	I ⁽¹⁾	See Footnote ⁽¹⁾
Common Stock	05/08/2008		S		300	D	$ 4.62	32,665	I ⁽¹⁾	See Footnote ⁽¹⁾
Common Stock	05/08/2008		S		1,000	D	$ 4.63	31,665	I ⁽¹⁾	See Footnote ⁽¹⁾
Common Stock	05/09/2008		P		5,900	A	$ 4.61	37,565	I ⁽¹⁾	See Footnote ⁽¹⁾
Common Stock	05/09/2008		S		5,900	D	$ 4.61	31,665	I ⁽¹⁾	See Footnote ⁽¹⁾
Common Stock	05/12/2008		P		150	A	$ 4.61	31,815	I ⁽¹⁾	See Footnote ⁽¹⁾
Common Stock	05/12/2008		P		1,415	A	$ 4.55	33,230	I ⁽¹⁾	See Footnote ⁽¹⁾
Common Stock	05/12/2008		S		1,415	D	$ 4.55	31,815	I ⁽¹⁾	See Footnote ⁽¹⁾
Common Stock	05/12/2008		S		150	D	$ 4.61	31,665	I ⁽¹⁾	See Footnote ⁽¹⁾
Common Stock	05/13/2008		P		900	A	$ 4.7	32,565	I ⁽¹⁾	See Footnote ⁽¹⁾
Common Stock	05/13/2008		P		602	A	$ 4.57	33,167	I ⁽¹⁾	See Footnote ⁽¹⁾
Common Stock	05/13/2008		P		250	A	$ 4.66	33,417	I ⁽¹⁾	See Footnote ⁽¹⁾
Common Stock	05/13/2008		S		200	D	$ 4.69	33,217	I ⁽¹⁾	See Footnote ⁽¹⁾
Common Stock	05/13/2008		S		250	D	$ 4.66	32,967	I ⁽¹⁾	See Footnote ⁽¹⁾
Common Stock	05/13/2008		S		1,502	D	$ 4.65	31,465	I ⁽¹⁾	See Footnote ⁽¹⁾
Common Stock	05/15/2008		P		2,000	A	$ 4.6	33,465	I ⁽¹⁾	See Footnote ⁽¹⁾
Common Stock	05/15/2008		S		300	D	$ 4.74	33,165	I ⁽¹⁾	See Footnote ⁽¹⁾
Common Stock	05/15/2008		S		2,000	D	$ 4.6	31,165	I ⁽¹⁾	See Footnote ⁽¹⁾
Common Stock	05/16/2008		P		1,500	A	$ 4.79	32,665	I ⁽¹⁾	See Footnote ⁽¹⁾

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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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 Underlying Securities
(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 of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)

11. Nature of Indirect Beneficial Ownership
(Instr. 4)

Code

(A)

(D)

Date Exercisable

Expiration Date

Title

Amount or Number of Shares

Warrants (Right to Buy)

$ 5

04/21/2008

2,195

03/07/2008⁽³⁾

03/03/2011

Common Stock

2,195

$ 0.77

1,028,402

I ⁽¹⁾

See Footnote ⁽¹⁾

Warrants (Right to Buy)

$ 5

04/21/2008

3,000

03/07/2008⁽³⁾

03/03/2011

Common Stock

3,000

$ 0.78

1,031,402

I ⁽¹⁾

See Footnote ⁽¹⁾

Warrants (Right to Buy)

$ 5

04/21/2008

15,000

03/07/2008⁽³⁾

03/03/2011

Common Stock

15,000

$ 0.78

1,016,402

I ⁽¹⁾

See Footnote ⁽¹⁾

Warrants (Right to Buy)

$ 5

04/21/2008

3,000

03/07/2008⁽³⁾

03/03/2011

Common Stock

3,000

$ 0.78

1,013,402

I ⁽¹⁾

See Footnote ⁽¹⁾

Warrants (Right to Buy)

$ 5

04/21/2008

3,295

03/07/2008⁽³⁾

03/03/2011

Common Stock

3,295

$ 0.78

1,010,107

I ⁽¹⁾

See Footnote ⁽¹⁾

Warrants (Right to Buy)

$ 5

04/21/2008

8,900

03/07/2008⁽³⁾

03/03/2011

Common Stock

8,900

$ 0.8

1,001,207

I ⁽¹⁾

See Footnote ⁽¹⁾

Warrants (Right to Buy)

$ 5

04/22/2008

80,500

03/07/2008⁽³⁾

03/03/2011

Common Stock

80,500

$ 0.84

1,081,707

I ⁽¹⁾

See Footnote ⁽¹⁾

Warrants (Right to Buy)

$ 5

04/22/2008

5,000

03/07/2008⁽³⁾

03/03/2011

Common Stock

5,000

$ 0.83

1,086,707

I ⁽¹⁾

See Footnote ⁽¹⁾

Warrants (Right to Buy)

$ 5

04/22/2008

14,400

03/07/2008⁽³⁾

03/03/2011

Common Stock

14,400

$ 0.84

1,101,107

I ⁽¹⁾

See Footnote ⁽¹⁾

Warrants (Right to Buy)

$ 5

04/22/2008

19,000

03/07/2008⁽³⁾

03/03/2011

Common Stock

19,000

$ 0.84

1,120,107

I ⁽¹⁾

See Footnote ⁽¹⁾

Warrants (Right to Buy)

$ 5

04/22/2008

4,725

03/07/2008⁽³⁾

03/03/2011

Common Stock

4,725

$ 0.82

1,124,832

I ⁽¹⁾

See Footnote ⁽¹⁾

Warrants (Right to Buy)

$ 5

04/22/2008

155

03/07/2008⁽³⁾

03/03/2011

Common Stock

155

$ 0.81

1,124,677

I ⁽¹⁾

See Footnote ⁽¹⁾

Warrants (Right to Buy)

$ 5

04/22/2008

14,400

03/07/2008⁽³⁾

03/03/2011

Common Stock

14,400

$ 0.84

1,110,277

I ⁽¹⁾

See Footnote ⁽¹⁾

Warrants (Right to Buy)

$ 5

04/22/2008

1,770

03/07/2008⁽³⁾

03/03/2011

Common Stock

1,770

$ 0.83

1,108,507

I ⁽¹⁾

See Footnote ⁽¹⁾

Warrants (Right to Buy)

$ 5

04/22/2008

10,600

03/07/2008⁽³⁾

03/03/2011

Common Stock

10,600

$ 0.84

1,097,907

I ⁽¹⁾

See Footnote ⁽¹⁾

Warrants (Right to Buy)

$ 5

04/22/2008

18,600

03/07/2008⁽³⁾

03/03/2011

Common Stock

18,600

$ 0.84

1,079,307

I ⁽¹⁾

See Footnote ⁽¹⁾

Warrants (Right to Buy)

$ 5

04/22/2008

6,000

03/07/2008⁽³⁾

03/03/2011

Common Stock

6,000

⁽²⁾

1,085,307

I ⁽¹⁾

See Footnote ⁽¹⁾

Warrants (Right to Buy)

$ 5

04/22/2008

6,000

03/07/2008⁽³⁾

03/03/2011

Common Stock

6,000

⁽²⁾

1,079,307

I ⁽¹⁾

See Footnote ⁽¹⁾

Warrants (Right to Buy)

$ 5

04/23/2008

14,500

03/07/2008⁽³⁾

03/03/2011

Common Stock

14,500

$ 0.89

1,093,807

I ⁽¹⁾

See Footnote ⁽¹⁾

Warrants (Right to Buy)

$ 5

04/23/2008

9,500

03/07/2008⁽³⁾

03/03/2011

Common Stock

9,500

$ 0.87

1,103,307

I ⁽¹⁾

See Footnote ⁽¹⁾

Warrants (Right to Buy)

$ 5

04/23/2008

10,000

03/07/2008⁽³⁾

03/03/2011

Common Stock

10,000

$ 0.89

1,113,307

I ⁽¹⁾

See Footnote ⁽¹⁾

Warrants (Right to Buy)

$ 5

04/23/2008

2,900

03/07/2008⁽³⁾

03/03/2011

Common Stock

2,900

$ 0.87

1,116,207

I ⁽¹⁾

See Footnote ⁽¹⁾

Warrants (Right to Buy)

$ 5

04/23/2008

17,500

03/07/2008⁽³⁾

03/03/2011

Common Stock

17,500

$ 0.87

1,133,707

I ⁽¹⁾

See Footnote ⁽¹⁾

Warrants (Right to Buy)

$ 5

04/23/2008

27,000

03/07/2008⁽³⁾

03/03/2011

Common Stock

27,000

$ 0.87

1,106,707

I ⁽¹⁾

See Footnote ⁽¹⁾

Warrants (Right to Buy)

$ 5

04/23/2008

10,000

03/07/2008⁽³⁾

03/03/2011

Common Stock

10,000

$ 0.89

1,096,707

I ⁽¹⁾

See Footnote ⁽¹⁾

Warrants (Right to Buy)

$ 5

04/24/2008

7,100

03/07/2008⁽³⁾

03/03/2011

Common Stock

7,100

$ 0.9

1,103,807

I ⁽¹⁾

See Footnote ⁽¹⁾

Warrants (Right to Buy)

$ 5

04/24/2008

3,000

03/07/2008⁽³⁾

03/03/2011

Common Stock

3,000

$ 0.86

1,106,907

I ⁽¹⁾

See Footnote ⁽¹⁾

Warrants (Right to Buy)

$ 5

04/24/2008

2,100

03/07/2008⁽³⁾

03/03/2011

Common Stock

2,100

$ 0.86

1,108,907

I ⁽¹⁾

See Footnote ⁽¹⁾

Warrants (Right to Buy)

$ 5

04/24/2008

1,300

03/07/2008⁽³⁾

03/03/2011

Common Stock

1,300

$ 0.87

1,107,607

I ⁽¹⁾

See Footnote ⁽¹⁾

Warrants (Right to Buy)

$ 5

04/24/2008

800

03/07/2008⁽³⁾

03/03/2011

Common Stock

800

$ 0.85

1,106,807

I ⁽¹⁾

See Footnote ⁽¹⁾

Reporting Owners

Reporting Owner Name / Address	Relationships
Reporting Owner Name / Address	Director	10% Owner	Officer	Other
UBS AG BAHNHOFSTRASSE 45 CH-8001, ZURICH, SWITZERLAND		X

Signatures

/s/ Gordon Kiesling, Executive Director, UBS AG		09/17/2008
^**Signature of Reporting Person		Date
/s/ Anthony DeFilippis, Executive Director, UBS AG		09/17/2008
^**Signature of Reporting Person		Date

Explanation of Responses:

*	If the form is filed by more than one reporting person, see Instruction 4(b)(v).
**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1)	THE REPORTED SECURITIES ARE OWNED DIRECTLY IN PART BY UBS FINANCIAL SERVICES, INC. AND IN PART BY UBS SECURITIES LLC, BOTH OF WHICH ARE WHOLLY OWNED SUBSIDIARIES OF UBS AG. UBS AG IS INDIRECT BENEFICIAL OWNER OF THE REPORTED SECURITIES.
(2)	THE REPORTED SECURITIES REFLECT A PURCHASE OF 3,000 UNITS OF INDIA GLOBALIZATION CAPITAL, INC FOR $6.40 PER UNIT AND SALE OF 3,000 UNITS FOR $6.40 PER UNIT. EACH SUCH UNIT CONSISTS OF ONE SHARE OF COMMON STOCK AND TWO WARRANTS (EACH TO PURCHASE ONE SHARE OF COMMON STOCK) ("UNITS").
(3)	INDIA GLOBALIZATION CAPITAL, INC. FILED ITS ANNUAL REPORT FOR THE FISCAL YEAR ENDED MARCH 31, 2008 ONE DAY AFTER ITS EXTENDED DEADLINE FOR FILING, AND THUS THE ISSUER'S REGISTRATION STATEMENT ON FORM S-3 REGISTERING THE REPORTED SECURITIES ISSUABLE UPON EXERCISE OF THE WARRANTS CEASED TO BE EFFECTIVE. AS A RESULT, ON JULY 16, 2008, THE WARRANTS BECAME UNEXERCISABLE, AND THE REPORTING PERSON CEASED TO HAVE A REPORTING OBLIGATION WITH RESPECT TO THE REPORTED SECURITIES. THIS FORM 4 REFLECTS BENEFICIAL OWNERSHIP OF THE REPORTING PERSON AS OF JULY 15, 2008, AND DOES NOT REFLECT ANY SUBSEQUENT ACTIVITY.

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