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	06/02/2008		S		5,915	D	$ 5.28	48,382	I ⁽¹⁾	See Footnote ⁽¹⁾
Common Stock	06/02/2008		S		300	D	$ 5.18	48,082	I ⁽¹⁾	See Footnote ⁽¹⁾
Common Stock	06/02/2008		S		424	D	$ 5.15	47,658	I ⁽¹⁾	See Footnote ⁽¹⁾
Common Stock	06/02/2008		S		16,100	D	$ 5.32	31,558	I ⁽¹⁾	See Footnote ⁽¹⁾
Common Stock	06/03/2008		P		3,900	A	$ 5.66	35,458	I ⁽¹⁾	See Footnote ⁽¹⁾
Common Stock	06/03/2008		P		10,723	A	$ 5.65	46,181	I ⁽¹⁾	See Footnote ⁽¹⁾
Common Stock	06/03/2008		S		6,000	D	$ 5.76	40,181	I ⁽¹⁾	See Footnote ⁽¹⁾
Common Stock	06/03/2008		S		4,723	D	$ 5.5	35,458	I ⁽¹⁾	See Footnote ⁽¹⁾
Common Stock	06/03/2008		S		1,000	D	$ 5.65	34,458	I ⁽¹⁾	See Footnote ⁽¹⁾
Common Stock	06/03/2008		S		2,100	D	$ 5.53	32,358	I ⁽¹⁾	See Footnote ⁽¹⁾
Common Stock	06/03/2008		S		1,400	D	$ 5.84	30,958	I ⁽¹⁾	See Footnote ⁽¹⁾
Common Stock	06/03/2008		P		100	A	⁽²⁾	31,058	I ⁽¹⁾	See Footnote ⁽¹⁾
Common Stock	06/03/2008		S		100	D	⁽²⁾	30,958	I ⁽¹⁾	See Footnote ⁽¹⁾
Common Stock	06/03/2008		S		100	D	⁽²⁾	30,858	I ⁽¹⁾	See Footnote ⁽¹⁾
Common Stock	06/04/2008		P		1,500	A	$ 5.85	32,358	I ⁽¹⁾	See Footnote ⁽¹⁾
Common Stock	06/04/2008		P		850	A	$ 5.82	33,208	I ⁽¹⁾	See Footnote ⁽¹⁾
Common Stock	06/04/2008		P		200	A	$ 6.02	33,408	I ⁽¹⁾	See Footnote ⁽¹⁾
Common Stock	06/04/2008		S		100	D	$ 5.81	33,308	I ⁽¹⁾	See Footnote ⁽¹⁾
Common Stock	06/04/2008		S		500	D	$ 5.8	32,808	I ⁽¹⁾	See Footnote ⁽¹⁾
Common Stock	06/04/2008		S		200	D	$ 6.02	32,608	I ⁽¹⁾	See Footnote ⁽¹⁾
Common Stock	06/04/2008		S		700	D	$ 5.88	31,908	I ⁽¹⁾	See Footnote ⁽¹⁾
Common Stock	06/04/2008		S		250	D	$ 5.81	31,658	I ⁽¹⁾	See Footnote ⁽¹⁾
Common Stock	06/06/2008		P		400	A	$ 5.67	32,058	I ⁽¹⁾	See Footnote ⁽¹⁾
Common Stock	06/06/2008		P		200	A	$ 5.77	32,258	I ⁽¹⁾	See Footnote ⁽¹⁾
Common Stock	06/06/2008		P		400	A	$ 5.65	32,658	I ⁽¹⁾	See Footnote ⁽¹⁾
Common Stock	06/06/2008		P		500	A	$ 5.45	33,158	I ⁽¹⁾	See Footnote ⁽¹⁾
Common Stock	06/06/2008		S		1,300	D	$ 5.57	31,858	I ⁽¹⁾	See Footnote ⁽¹⁾
Common Stock	06/06/2008		S		500	D	$ 5.45	31,358	I ⁽¹⁾	See Footnote ⁽¹⁾
Common Stock	06/06/2008		S		1,026	D	$ 5.63	30,332	I ⁽¹⁾	See Footnote ⁽¹⁾
Common Stock	06/06/2008		S		8	D	$ 5.64	30,324	I ⁽¹⁾	See Footnote ⁽¹⁾

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
	Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.		SEC 1474 (9-02)

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

05/20/2008

2,940

03/07/2008⁽³⁾

03/03/2011

Common Stock

2,940

$ 0.73

1,103,523

I ⁽¹⁾

See Footnote ⁽¹⁾

Warrants (Right to Buy)

$ 5

05/20/2008

100

03/07/2008⁽³⁾

03/03/2011

Common Stock

100

$ 0.78

1,103,423

I ⁽¹⁾

See Footnote ⁽¹⁾

Warrants (Right to Buy)

$ 5

05/20/2008

2,940

03/07/2008⁽³⁾

03/03/2011

Common Stock

2,940

$ 0.73

1,100,483

I ⁽¹⁾

See Footnote ⁽¹⁾

Warrants (Right to Buy)

$ 5

05/21/2008

10,000

03/07/2008⁽³⁾

03/03/2011

Common Stock

10,000

$ 0.79

1,110,483

I ⁽¹⁾

See Footnote ⁽¹⁾

Warrants (Right to Buy)

$ 5

05/21/2008

1,000

03/07/2008⁽³⁾

03/03/2011

Common Stock

1,000

$ 0.8

1,111,483

I ⁽¹⁾

See Footnote ⁽¹⁾

Warrants (Right to Buy)

$ 5

05/21/2008

1,760

03/07/2008⁽³⁾

03/03/2011

Common Stock

1,760

$ 0.7

1,113,243

I ⁽¹⁾

See Footnote ⁽¹⁾

Warrants (Right to Buy)

$ 5

05/21/2008

300

03/07/2008⁽³⁾

03/03/2011

Common Stock

300

$ 0.7

1,112,943

I ⁽¹⁾

See Footnote ⁽¹⁾

Warrants (Right to Buy)

$ 5

05/21/2008

1,460

03/07/2008⁽³⁾

03/03/2011

Common Stock

1,460

$ 0.7

1,111,483

I ⁽¹⁾

See Footnote ⁽¹⁾

Warrants (Right to Buy)

$ 5

05/21/2008

1,100

03/07/2008⁽³⁾

03/03/2011

Common Stock

1,100

$ 0.76

1,110,383

I ⁽¹⁾

See Footnote ⁽¹⁾

Warrants (Right to Buy)

$ 5

05/21/2008

1,500

03/07/2008⁽³⁾

03/03/2011

Common Stock

1,500

$ 0.8

1,108,883

I ⁽¹⁾

See Footnote ⁽¹⁾

Warrants (Right to Buy)

$ 5

05/21/2008

6,000

03/07/2008⁽³⁾

03/03/2011

Common Stock

6,000

$ 0.8

1,102,883

I ⁽¹⁾

See Footnote ⁽¹⁾

Warrants (Right to Buy)

$ 5

05/22/2008

100,000

03/07/2008⁽³⁾

03/03/2011

Common Stock

100,000

$ 0.85

1,202,883

I ⁽¹⁾

See Footnote ⁽¹⁾

Warrants (Right to Buy)

$ 5

05/22/2008

2,000

03/07/2008⁽³⁾

03/03/2011

Common Stock

2,000

$ 0.96

1,204,883

I ⁽¹⁾

See Footnote ⁽¹⁾

Warrants (Right to Buy)

$ 5

05/22/2008

19,086

03/07/2008⁽³⁾

03/03/2011

Common Stock

19,086

$ 0.94

1,223,969

I ⁽¹⁾

See Footnote ⁽¹⁾

Warrants (Right to Buy)

$ 5

05/22/2008

66,355

03/07/2008⁽³⁾

03/03/2011

Common Stock

66,335

$ 1

1,290,324

I ⁽¹⁾

See Footnote ⁽¹⁾

Warrants (Right to Buy)

$ 5

05/22/2008

24,800

03/07/2008⁽³⁾

03/03/2011

Common Stock

24,800

$ 0.99

1,315,124

I ⁽¹⁾

See Footnote ⁽¹⁾

Warrants (Right to Buy)

$ 5

05/22/2008

386

03/07/2008⁽³⁾

03/03/2011

Common Stock

386

$ 0.91

1,314,738

I ⁽¹⁾

See Footnote ⁽¹⁾

Warrants (Right to Buy)

$ 5

05/22/2008

1,100

03/07/2008⁽³⁾

03/03/2011

Common Stock

1,100

$ 0.99

1,313,638

I ⁽¹⁾

See Footnote ⁽¹⁾

Warrants (Right to Buy)

$ 5

05/22/2008

2,600

03/07/2008⁽³⁾

03/03/2011

Common Stock

2,600

$ 1

1,311,038

I ⁽¹⁾

See Footnote ⁽¹⁾

Warrants (Right to Buy)

$ 5

05/22/2008

17,800

03/07/2008⁽³⁾

03/03/2011

Common Stock

17,800

$ 0.99

1,293,238

I ⁽¹⁾

See Footnote ⁽¹⁾

Warrants (Right to Buy)

$ 5

05/22/2008

1,325

03/07/2008⁽³⁾

03/03/2011

Common Stock

1,325

$ 0.95

1,291,913

I ⁽¹⁾

See Footnote ⁽¹⁾

Warrants (Right to Buy)

$ 5

05/22/2008

20,000

03/07/2008⁽³⁾

03/03/2011

Common Stock

20,000

$ 0.99

1,271,913

I ⁽¹⁾

See Footnote ⁽¹⁾

Warrants (Right to Buy)

$ 5

05/22/2008

7,130

03/07/2008⁽³⁾

03/03/2011

Common Stock

7,130

$ 0.97

1,264,783

I ⁽¹⁾

See Footnote ⁽¹⁾

Warrants (Right to Buy)

$ 5

05/22/2008

2,100

03/07/2008⁽³⁾

03/03/2011

Common Stock

2,100

$ 0.91

1,262,683

I ⁽¹⁾

See Footnote ⁽¹⁾

Warrants (Right to Buy)

$ 5

05/22/2008

5,000

03/07/2008⁽³⁾

03/03/2011

Common Stock

5,000

$ 0.92

1,257,683

I ⁽¹⁾

See Footnote ⁽¹⁾

Warrants (Right to Buy)

$ 5

05/22/2008

56,200

03/07/2008⁽³⁾

03/03/2011

Common Stock

56,200

$ 1

1,201,483

I ⁽¹⁾

See Footnote ⁽¹⁾

Warrants (Right to Buy)

$ 5

05/23/2008

6,600

03/07/2008⁽³⁾

03/03/2011

Common Stock

6,600

$ 0.96

1,208,083

I ⁽¹⁾

See Footnote ⁽¹⁾

Warrants (Right to Buy)

$ 5

05/23/2008

200

03/07/2008⁽³⁾

03/03/2011

Common Stock

200

$ 0.98

1,207,883

I ⁽¹⁾

See Footnote ⁽¹⁾

Warrants (Right to Buy)

$ 5

05/23/2008

1,600

03/07/2008⁽³⁾

03/03/2011

Common Stock

1,600

$ 1.01

1,206,283

I ⁽¹⁾

See Footnote ⁽¹⁾

Warrants (Right to Buy)

$ 5

05/23/2008

6,400

03/07/2008⁽³⁾

03/03/2011

Common Stock

6,400

$ 0.96

1,199,883

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 100 UNITS FOR $8.25 PER UNIT, A SALE OF 100 UNITS FOR $8.18 PER UNIT AND A SALE OF 100 UNITS FOR $8.10 PER UNIT.
(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.

Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.

Potential persons who are to respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB number.