IGC Pharma CEO Mukunda Ram Receives 2.23M Shares

What Happened
Mukunda Ram, CEO and director of IGC Pharma (IGC), acquired 2,226,475 shares on 2026-06-30 through a grant/award/private placement. The shares were issued at $0.27 each for a total value of $601,148. This was an acquisition (not a sale) — the shares were issued in exchange for cancellation of $601,148 in debt the company owed to Mr. Ram.

Key Details

• Transaction date: 2026-06-30; filing date: 2026-07-01 (filed promptly).
• Price: $0.27 per share; Total value: $601,148.
• Shares acquired: 2,226,475 restricted shares.
• Shares owned after transaction: Not specified in the provided filing excerpt.
• Footnote: Shares were issued directly by the issuer in a private placement exempt from registration under Section 4(a)(2); they are restricted securities under Rule 144. The transaction was approved in advance by disinterested directors and the Audit Committee, with Mr. Ram recused (compliance with Rule 16b-3).

Context
This was a debt-for-equity exchange (company canceled outstanding indebtedness owed to the CEO in return for stock), not an open-market purchase or exercise/sale. Restricted shares limit immediate resale under Rule 144. Board and audit committee pre-approval and the CEO’s recusal are typical governance steps for related-party equity issuances.