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
                                                                                  
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OMB Number: 3235-0287
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Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940
                      
1. Name and Address of Reporting Person * GRIMALDI CLAUDIA 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                    _____ 10% Owner
__X__ Officer (give title below)    _____ Other (specify below)
VICE PRESIDENT & PF0
(Last)          (First)          (Middle)
10224 FALLS ROAD
3. Date of Earliest Transaction (MM/DD/YYYY)
3/21/2022
(Street)
POTOMAC, MD 20854
(City)        (State)        (Zip)
4. If Amendment, Date Original Filed (MM/DD/YYYY)
 
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. Trans. Date 2A. Deemed Execution Date, if any 3. Trans. 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  3/21/2022    M    83334 (1) A $0.0  521321  D   
Common Stock  5/31/2022    M    28125 (2) A $0.0  549446  D   
Common Stock  6/1/2022    M    9375 (2) A $0.0  558821  D   

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security
(Instr. 3)
2. Conversion or Exercise Price of Derivative Security 3. Trans. Date 3A. Deemed Execution Date, if any 4. Trans. 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 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 of Derivative Security: 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  3/21/2022    M        83334 (1)   (1)  (1) Common Stock  83334  $0.0  316666  D   
Restricted Stock Units  $0.0  5/31/2022    M        28125 (2)   (2) 3/31/2032  Common Stock  28125  $0.0  288541  D   
Restricted Stock Units  $0.0  6/1/2022    M        9375 (2)   (2) 3/31/2032  Common Stock  9375  $0.0  279166  D   

Explanation of Responses:
(1)  On July 19, 2021, the Reporting Person was granted RSUs equally vesting over three years starting March 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.

Reporting Owners
Reporting Owner Name / Address
Relationships
Director 10% Owner Officer Other
GRIMALDI CLAUDIA
10224 FALLS ROAD
POTOMAC, MD 20854


VICE PRESIDENT & PF0

Signatures
/s/ Claudia Grimaldi 6/28/2022
**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).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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.
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