<SEC-DOCUMENT>0001185185-25-000808.txt : 20250718
<SEC-HEADER>0001185185-25-000808.hdr.sgml : 20250718
<ACCEPTANCE-DATETIME>20250718171725
ACCESSION NUMBER:		0001185185-25-000808
CONFORMED SUBMISSION TYPE:	S-3
PUBLIC DOCUMENT COUNT:		5
FILED AS OF DATE:		20250718
DATE AS OF CHANGE:		20250718

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			IGC Pharma, Inc.
		CENTRAL INDEX KEY:			0001326205
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		ORGANIZATION NAME:           	03 Life Sciences
		EIN:				202760393
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		S-3
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-288785
		FILM NUMBER:		251135204

	BUSINESS ADDRESS:	
		STREET 1:		10224 FALLS ROAD
		CITY:			POTOMAC
		STATE:			MD
		ZIP:			20854
		BUSINESS PHONE:		301-983-0998

	MAIL ADDRESS:	
		STREET 1:		10224 FALLS ROAD
		CITY:			POTOMAC
		STATE:			MD
		ZIP:			20854

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	India Globalization Capital, Inc.
		DATE OF NAME CHANGE:	20050505
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-3
<SEQUENCE>1
<FILENAME>igcs3071725.htm
<DESCRIPTION>FORM S-3
<TEXT>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>As filed with the U.S. Securities and Exchange
Commission on</b>&nbsp;<b>July 16, 2025</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><b>Registration No.</b>&nbsp;<b>333-_____</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><b></b></p>

<!-- Field: Rule-Page --><div style="margin-top: 0px; margin-bottom: 0px; width: 100%"><div style="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&nbsp;</div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><b>&nbsp;</b></p>





<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 16pt"><b>UNITED
STATES</b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 16pt"><b>SECURITIES
AND EXCHANGE COMMISSION</b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>WASHINGTON, D.C. 20549</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<!-- Field: Rule-Page --><div style="margin: 0px auto; width: 10%"><div style="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 16pt"><b>FORM
S-3</b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<!-- Field: Rule-Page --><div style="margin: 0px auto; width: 10%"><div style="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>REGISTRATION STATEMENT</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>UNDER</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>THE SECURITIES ACT OF 1933</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><img src="image_001.jpg" alt="" ></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>

<p style="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><u>IGC PHARMA, INC.</u></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact name of registrant as specified in its charter)</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="border-bottom: Black 1pt solid; width: 49%; text-align: center"><font style="font-size: 10pt"><b>Maryland</b></font></td>
    <td style="width: 2%">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; width: 49%; text-align: center"><font style="font-size: 10pt"><b>20-2760393</b></font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: center"><font style="font-size: 10pt">(State or other jurisdiction of</font></td>
    <td>&nbsp;</td>
    <td style="text-align: center"><font style="font-size: 10pt">(I.R.S. Employer</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: center"><font style="font-size: 10pt">incorporation or organization)</font></td>
    <td>&nbsp;</td>
    <td style="text-align: center"><font style="font-size: 10pt">Identification No.)</font></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>10224 Falls Road</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Potomac, Maryland 20854</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><u>Tel.: +1 (301) 983-0998</u></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Address, including zip code, and telephone number,
including area code,</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">of registrant&#8217;s principal executive offices)</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Ram Mukunda</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>President and Chief Executive Officer</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>IGC PHARMA, Inc.</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>10224 Falls Road</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Potomac, Maryland 20854</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><u>Tel.: +1 (301) 983-0998</u></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Name, address, including zip code, and telephone
number, including area code, of agent for service)</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Copies of notices and communications to:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Spencer G. Feldman, Esq.</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Kenneth A. Schlesinger, Esq.</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>John A. Corrado, Esq.</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Olshan Frome Wolosky LLP</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>1325 Avenue of the Americas, 15th Floor</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>New York, New York 10019</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Tel.: (212) 451-2300</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Approximate Date of Commencement of Proposed
Sale to the Public: </b>From time to time after this Registration Statement becomes effective.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If the only securities being registered on this
form are being offered pursuant to dividend or interest reinvestment plans, please check the following box. <font style="font-family: Times New Roman, Times, Serif">&#9744;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If any of the securities being registered on this
form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, other than securities offered
only in connection with dividend or interest reinvestment plans, check the following box. <font style="font-family: Times New Roman, Times, Serif">&#9745;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If this form is filed to register additional securities
for an offering pursuant to Rule 462(b) under the Securities Act, please check the following box and list the Securities Act registration
statement number of the earlier effective registration statement for the same offering. <font style="font-family: Times New Roman, Times, Serif">&#9744;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If this form is a post-effective amendment filed
pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of
the earlier effective registration statement for the same offering. <font style="font-family: Times New Roman, Times, Serif">&#9744;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If this form is a registration statement pursuant
to General Instruction I.D. or a post-effective amendment thereto that shall become effective upon filing with the Commission pursuant
to Rule 462(e) under the Securities Act, check the following box. <font style="font-family: Times New Roman, Times, Serif">&#9744;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If this form is a post-effective amendment to
a registration statement filed pursuant to General Instruction I.D. filed to register additional securities or additional classes of securities
pursuant to Rule 413(b) under the Securities Act, check the following box. <font style="font-family: Times New Roman, Times, Serif">&#9744;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Indicate by check mark whether the registrant
is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company.
See the definitions of &#8220;large accelerated filer,&#8221; &#8220;accelerated filer,&#8221; &#8220;smaller reporting company,&#8221;
and &#8220;emerging growth company&#8221; in Rule 12b-2 of the Exchange Act. (Check one):</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 22%; text-align: justify"><font style="font-size: 10pt">Large accelerated filer</font></td>
    <td style="width: 43%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</font></td>
    <td style="width: 25%; text-align: justify"><font style="font-size: 10pt">Accelerated Filer</font></td>
    <td style="width: 10%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><font style="font-size: 10pt">Non-accelerated filer</font></td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9745;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">Smaller reporting company</font></td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9745;</font></td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: justify"><font style="font-size: 10pt">Emerging growth company</font></td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</font></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If an emerging growth company, indicate by check
mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting
standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. <font style="font-family: Times New Roman, Times, Serif">&#9744;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>The registrant hereby amends this registration
statement on such date or dates as may be necessary to delay its effective date until the registrant shall file a further amendment which
specifically states that this registration statement shall hereafter become effective in accordance with Section 8(a) of the Securities
Act of 1933 or until the registration statement shall become effective on such date as the Commission, acting pursuant to said Section
8(a), may determine.</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>




<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="color: Red">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="color: Red">The information in this
prospectus is not complete and may be changed. We may not sell these securities until the registration statement filed with the Securities
and Exchange Commission is effective. This prospectus is not an offer to sell these securities, and we are not soliciting offers to buy
these securities in any jurisdiction where the offer or sale is not permitted.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="color: Red">&nbsp;</font></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr>
    <td style="width: 60%; padding: 0.25pt"><font style="font-size: 10pt; color: Red"><b>PRELIMINARY PROSPECTUS</b></font></td>
    <td style="text-align: right; width: 40%; padding: 0.25pt"><font style="font-size: 10pt; color: Red"><b>Subject to completion, dated
    July 16, 2025</b></font></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="color: Red">&nbsp;</font></p>

<p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="color: Red"><img src="image_001.jpg" alt="" >&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="color: Red">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>IGC PHARMA, INC.</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>4,744,326 Shares of Common Stock<br />
</b>&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This prospectus relates to the resale by the selling
stockholders identified in this prospectus (the &#8220;Selling Stockholders&#8221;) of up to 4,744,326 shares of common stock. All of
the shares, when sold, will be sold by these Selling Stockholders. The shares of common stock offered by the Selling Stockholders to which
this prospectus relates may be sold from time to time by and for the accounts of the Selling Stockholders named in this prospectus or
in supplements to this prospectus. The Selling Stockholders may sell all or a portion of these shares from time to time through public
or private transactions at prevailing market prices, at prices related to prevailing market prices, or at privately negotiated prices
with purchasers, to or through underwriters, broker-dealers, agents, or through any other means described in the section of this prospectus
entitled &#8220;Plan of Distribution.&#8221;&nbsp;The Selling Stockholders may be deemed underwriters of the shares of common stock that
they are offering. We will bear all costs, expenses, and fees in connection with the registration of the Securities.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company is not selling any shares of common
stock in this offering and, therefore, will not receive any of the proceeds from the sale of the shares of common stock offered by the
Selling Stockholders.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">No underwriter or person has been engaged to facilitate
the sale of shares of common stock in this offering. None of the proceeds from the sale of stock by the selling stockholders will be placed
in escrow, trust, or any similar account.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We may amend or supplement this prospectus from
time to time by filing amendments or supplements as required. You should read the entire prospectus and any amendments or supplements
carefully before you make your investment decision.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our common stock is listed for trading on the
NYSE American under the symbol &#8220;IGC.&#8221; The closing price of our common stock on July 15, 2025, as reported by the NYSE American,
was $0.34 per share.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are a smaller reporting company under Rule
405 of the Securities Act and, as such, have elected to comply with certain reduced public company reporting requirements for this prospectus,
the documents incorporated by reference herein, and future filings.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Investing in our securities involves a high
degree of risk. See </b>&#8220;<b>Risk Factors</b>&#8221; <b>beginning on page 3.</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Neither the U.S. Securities and Exchange Commission
nor any state securities commission has approved or disapproved of these securities or determined if this prospectus is truthful or complete.
Any representation to the contrary is a criminal offense.</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">The date of this prospectus is ________, 2025</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>




<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><a name="TableOfContents"></a>TABLE OF CONTENTS</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: bottom">
    <td style="width: 90%">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="border-bottom: black 1pt solid; width: 9%; text-align: center"><b>Page</b></td></tr>
  <tr style="vertical-align: bottom">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: center">&nbsp;</td></tr>
  <tr>
    <td style="vertical-align: top"><a href="#a_001"><font style="font-size: 10pt">ABOUT THIS PROSPECTUS</font></a></td>
    <td>&nbsp;</td>
    <td style="vertical-align: bottom; text-align: center">1</td></tr>
  <tr>
    <td style="vertical-align: top"><a href="#a_002"><font style="font-size: 10pt">ABOUT IGC PHARMA, INC.</font></a></td>
    <td>&nbsp;</td>
    <td style="vertical-align: bottom; text-align: center">1</td></tr>
  <tr>
    <td style="vertical-align: top"><a href="#a_003"><font style="font-size: 10pt">RISK FACTORS</font></a></td>
    <td>&nbsp;</td>
    <td style="vertical-align: bottom; text-align: center">3</td></tr>
  <tr>
    <td style="vertical-align: top"><a href="#a_004"><font style="font-size: 10pt">SPECIAL NOTE ABOUT FORWARD-LOOKING STATEMENTS</font></a></td>
    <td>&nbsp;</td>
    <td style="vertical-align: bottom; text-align: center">3</td></tr>
  <tr>
    <td style="vertical-align: top"><a href="#a_005"><font style="font-size: 10pt">USE OF PROCEEDS</font></a></td>
    <td>&nbsp;</td>
    <td style="vertical-align: bottom; text-align: center">4</td></tr>
  <tr>
    <td style="vertical-align: top"><a href="#a_006"><font style="font-size: 10pt">DESCRIPTION OF TRANSACTIONS</font></a></td>
    <td>&nbsp;</td>
    <td style="vertical-align: bottom; text-align: center">4</td></tr>
  <tr>
    <td style="vertical-align: top"><a href="#a_007"><font style="font-size: 10pt">SELLING STOCKHOLDERS</font></a></td>
    <td>&nbsp;</td>
    <td style="vertical-align: bottom; text-align: center">5</td></tr>
  <tr>
    <td style="vertical-align: top"><a href="#a_008"><font style="font-size: 10pt">DESCRIPTION OF COMMON STOCK</font></a></td>
    <td>&nbsp;</td>
    <td style="vertical-align: bottom; text-align: center">6</td></tr>
  <tr>
    <td style="vertical-align: top"><a href="#a_009"><font style="font-size: 10pt">ANTI-TAKEOVER LAW, LIMITATIONS OF LIABILITY AND INDEMNIFICATION</font></a></td>
    <td>&nbsp;</td>
    <td style="vertical-align: bottom; text-align: center">7</td></tr>
  <tr>
    <td style="vertical-align: top"><a href="#a_010"><font style="font-size: 10pt">PLAN OF DISTRIBUTION</font></a></td>
    <td>&nbsp;</td>
    <td style="vertical-align: bottom; text-align: center">9</td></tr>
  <tr>
    <td style="vertical-align: top"><a href="#a_011"><font style="font-size: 10pt">EXPERTS</font></a></td>
    <td>&nbsp;</td>
    <td style="vertical-align: bottom; text-align: center">10</td></tr>
  <tr>
    <td style="vertical-align: top"><a href="#a_012"><font style="font-size: 10pt">LEGAL MATTERS</font></a></td>
    <td>&nbsp;</td>
    <td style="vertical-align: bottom; text-align: center">10</td></tr>
  <tr>
    <td style="vertical-align: top"><a href="#a_013"><font style="font-size: 10pt">WHERE YOU CAN FIND MORE INFORMATION</font></a></td>
    <td>&nbsp;</td>
    <td style="vertical-align: bottom; text-align: center">11</td></tr>
  <tr>
    <td style="vertical-align: top"><a href="#a_014"><font style="font-size: 10pt">INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE</font></a></td>
    <td>&nbsp;</td>
    <td style="vertical-align: bottom; text-align: center">11</td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Important Notice about the Information Presented
in this Prospectus</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">You should rely only on the information contained
or incorporated by reference in this prospectus or any applicable prospectus supplement. We have not authorized any other person to provide
you with different information. If anyone provides you with different or inconsistent information, you should not rely on it. For further
information, see the section of this prospectus entitled &#8220;Where You Can Find More Information.&#8221; We are not making an offer
to sell these securities in any jurisdiction where the offer or sale is not permitted.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">You should not assume that the information appearing
in this prospectus or any applicable prospectus supplement is accurate as of any date other than the date on the front cover of this prospectus
or the applicable prospectus supplement or that the information contained in any document incorporated by reference is accurate as of
any date other than the date of the document incorporated by reference, regardless of the time of delivery of this prospectus or any prospectus
supplement or any sale of common stock. Our business, financial condition, results of operations, and prospects may have changed since
such dates.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>




<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><a href="#TableOfContents">Table of Contents</a></p></div>
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<div style="padding: 5pt; border: Black 1pt solid">

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><a name="a_001"></a>ABOUT THIS PROSPECTUS</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>This summary highlights important features
of this offering and the information included or incorporated by reference in this prospectus. This summary does not contain all of the
information that you should consider before investing in our common stock. You should read the entire prospectus carefully, especially
the risks of investing in our common stock discussed under </i>&#8220;<i>Risk Factors.</i>&#8221;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Unless the context requires otherwise, all
references in this report to </i>&#8220;<i>IGC,</i>&#8221; &#8220;<i>the Company,</i>&#8221; &#8220;<i>we,</i>&#8221; &#8220;<i>our,</i>&#8221;
<i>and/or </i>&#8220;<i>us</i>&#8221; <i>refer to IGC Pharma, Inc. (formerly known as India Globalization Capital, Inc.), together with
our subsidiaries and beneficially owned subsidiary.</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><a name="a_002"></a>ABOUT IGC PHARMA, INC.</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Overview</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">IGC, is a clinical-stage biotechnology company
that is attempting to leverage Artificial Intelligence (&#8220;AI&#8221;) to develop innovative treatments for Alzheimer&#8217;s and metabolic
disorders. IGC is a Maryland corporation established in 2005 with a fiscal year ending on March 31, spanning a 52- or 53-week period.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our mission is to improve the lives of individuals
affected by Alzheimer&#8217;s disease by addressing both its symptoms and the disease. Our near-term focus is on advancing IGC-AD1, our
lead drug candidate currently in Phase 2 clinical trials targeting agitation in Alzheimer&#8217;s patients. We are also investing in our
early-stage pipeline of investigational therapies and exploring AI-powered models designed to identify early markers of Alzheimer&#8217;s.
We believe that combining scientific innovation with operational execution, including leveraging our internal contract research organization,
positions us to efficiently advance our pipeline toward commercialization, although there can be no assurance thereof. Our long-term strategy
is to build a portfolio of differentiated therapies that not only address symptomatic needs but also target disease-modifying mechanisms,
thereby creating sustainable value for patients, caregivers, and shareholders.&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our lead investigational drug, IGC-AD1, has progressed
through preclinical evaluations and a successful Phase 1 safety trial, and is currently being evaluated in a multicenter, randomized,
double-blind, placebo-controlled Phase 2 clinical trial, officially named &#8220;CALMA&#8221; (Calming Agitation in Alzheimer&#8217;s).
Interim data from this trial have demonstrated encouraging signs of efficacy, with patients receiving IGC-AD1 experiencing a statistically
significant reduction in agitation compared to placebo within the first 2-6 weeks of treatment. This reduction in agitation is particularly
notable as it could, although there can be no assurance, significantly improve patient care and represents a potential breakthrough in
managing Alzheimer&#8217;s-related agitation. In addition, IGC-AD1, Phase 2 clinical trial interim data also demonstrate a clinical and
statistically significant reduction in sleep disturbances among Alzheimer&#8217;s patients&nbsp;receiving the active medication compared
to placebo.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our portfolio includes other small-molecule assets,
each at distinct stages of development, all with a singular mission &mdash; to transform the landscape of Alzheimer&#8217;s treatment.
Our small molecule assets include LMP, TGR-63, IGC-M3 and IGC-1C. LMP targets neuroinflammation, A&beta; plaques, and neurofibrillary
tangles, TGR-63 targets A&beta; plaques, where we seek to disrupt the progression of Alzheimer&#8217;s disease. IGC-M3 targets the inhibition
of A&beta; plaque aggregation with the potential to create a profound impact on early-stage Alzheimer&#8217;s. IGC-1C targets tau and
neurofibrillary tangles, IGC-1A targets a potential GLP-1 and GIP receptor agonist, and CB1 receptor inverse agonist.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are also developing AI models with the goal
of predicting early Alzheimer&#8217;s detection biomarkers, optimizing clinical trials, and helping us explore new disease applications
for different molecules, although there can be no assurance thereof. Currently, the AI team is working on developing a Multimodal Interpretable
Transformer for Alzheimer&#8217;s Disease (&#8220;MINT-AD&#8221;). This tool aims to support clinicians in real-world decision-making
towards reducing Alzheimer&#8217;s false negatives and delayed diagnosis. We are developing MINT-AD for three aims/phases: risk stratification
for AD, cognitive decline prediction 2-5 years in advance, and deployment as a physician&#8217;s tool.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

</div>




<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>The Offering</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>



<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 40%"><font style="font-size: 10pt">Common stock offered<br />
by selling stockholders</font></td>
    <td style="width: 60%; text-align: justify"><font style="font-size: 10pt">4,744,326 shares are of common stock.</font></td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td>&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><font style="font-size: 10pt">Risk Factors:</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">Investing in our securities is highly speculative and involves a high degree of risk. You should carefully consider the information set forth in the &#8220;Risk Factors&#8221;&nbsp;section on page 3&nbsp;before deciding to invest in our securities.</font></td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td>&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><font style="font-size: 10pt">Use of proceeds</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">We will not receive any proceeds from the sale of shares in this offering.</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><font style="font-size: 10pt">NYSE American Market symbol</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">IGC</font></td></tr>
</table>

<p style="margin: 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><font style="font-size: 10pt">(1)</font></td><td style="text-align: justify"><font style="font-size: 10pt">Based on 83,891,586&nbsp;shares
outstanding on June 20, 2025, the number of shares to be outstanding after this offering excludes the following:</font></td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</font></td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">restricted
                                            share units/stock awards consisting of approximately 11 million shares of common stock, which
                                            awards are subject to vesting;</font></td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</font></td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">91,472
                                            units; the &#8220;unit&#8221;&nbsp;component consists of 1 share of &#8220;ordinary&#8221;&nbsp;common
                                            stock, and subsequent to the 1 for 10 reverse split, the unit&nbsp;component consists of
                                            .10 &#8220;ordinary&#8221;&nbsp;common; cash-in-lieu at $1.95 per share.</font></td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</font></td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">150,000
                                            shares of common stock reserved for issuance upon the exercise of outstanding stock options;</font></td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</font></td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Approximately
                                            6 million shares of our common stock are reserved for future issuance under certain special
                                            grants.</font></td>
</tr></table>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

</div>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt"></p>

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><a href="#TableOfContents">Table of Contents</a></p></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><a name="a_003"></a>RISK FACTORS</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">An investment in our securities involves a high
degree of risk. In addition to the following risk factors, you should carefully consider the risks, uncertainties, and assumptions discussed
in Item 1A., &#8220;Risk Factors&#8221; of our annual report on Form 10-K for the fiscal year ended March 31, 2025, and in other documents
that we subsequently file with the SEC that update, supplement or supersede such information, which documents are incorporated by reference
into this prospectus. See &#8220;Where You Can Find More Information.&#8221; Additional risks not presently known to us or which we consider
immaterial based on information currently available to us may also materially adversely affect us. If any of the events anticipated by
the risks described occur, our results of operations and financial condition could be adversely affected, which could result in a decline
in the market price of our common stock, causing you to lose all or part of your investment.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><a name="a_004"></a>SPECIAL NOTE ABOUT FORWARD-LOOKING STATEMENTS</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This prospectus and the documents incorporated
in this prospectus by reference contain &#8220;forward-looking statements.&#8221; Additionally, we or our representatives may, from time
to time, make written or verbal forward-looking statements. In this prospectus and the documents incorporated by reference, we discuss
plans, expectations, and objectives regarding our business, financial condition, and results of operations. Without limiting the foregoing,
statements that are in the future tense, and all statements accompanied by terms such as &#8220;believe,&#8221; &#8220;project,&#8221;
&#8220;expect,&#8221; &#8220;trend,&#8221; &#8220;estimate,&#8221; &#8220;forecast,&#8221; &#8220;assume,&#8221; &#8220;intend,&#8221;
&#8220;plan,&#8221; &#8220;target,&#8221; &#8220;anticipate,&#8221; &#8220;outlook,&#8221; &#8220;preliminary,&#8221; &#8220;will likely
result,&#8221; &#8220;will continue,&#8221; and variations of them and similar terms are intended to be &#8220;forward-looking statements&#8221;
as defined by federal securities laws. We caution you not to place undue reliance on forward-looking statements, which are based upon
assumptions, expectations, plans, and projections. In addition, our goals and objectives are aspirational and are not guarantees or promises
that such goals and objectives will be met. Forward-looking statements are subject to risks and uncertainties, including those identified
in the &#8220;Risk Factors&#8221; included in this prospectus and in the documents incorporated by reference that may cause actual results
to differ materially from those expressed or implied in the forward-looking statements. Forward-looking statements speak only as of the
date when they are made. Except as required by federal securities law, we do not undertake any obligation to update forward-looking statements
to reflect events, circumstances, changes in expectations, or the occurrence of unanticipated events after the date of those statements.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Forward-looking statements are based upon, among
other things, our assumptions with respect to:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&nbsp;</td>
    <td style="width: 0.25in; text-align: justify"><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">the sufficiency of our existing cash and cash equivalents and marketable securities to fund our future operating and capital expenses;</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify"><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">our ability to successfully implement and deploy our artificial intelligence initiatives;</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify"><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">our disposal of non-core Company assets;</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify"><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">our ability to successfully register trademarks and patents, create and market new products and services, and achieve customer acceptance in the industries we serve;</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify"><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">current and future economic and political conditions, including in North America, Colombia, Europe, and India;</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify"><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">our ability to accurately predict the future demand for our products and services;</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify"><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">our ability to successfully market our products in countries and states where our products are legal;</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify"><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">our ability to maintain a stock listing on a national securities exchange;</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify"><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">our ability to obtain and maintain regulatory approval of our existing product candidates and any other product candidates we may develop, and the labeling under any approval we may obtain;</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify"><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">our ability to timely complete regulatory filings;</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify"><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">our ability to obtain the U.S. Food and Drug Administration (FDA) approval for an Investigational New Drug Application (INDA) and to successfully run medical trials, including a Phase 2 trial for IGC-AD1;</font></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><a href="#TableOfContents">Table of Contents</a></p></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&nbsp;</td>
    <td style="width: 0.25in; text-align: justify"><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">our reliance on third parties to conduct clinical trials and for the manufacture of IGC-AD1 for clinical and non-clinical studies and clinical trials;</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify"><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">our financial performance;</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify"><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">the outcome of medical trials that are conducted on our Investigational Drug Candidates and products;</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify"><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">our ability to fund the costs of clinical trials and other related expenses;</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify"><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">our ability to maintain our intellectual property position and our ability to maintain and protect our intellectual property rights;</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify"><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">competition and general acceptance of alternative, pharmaceutical, and nutraceutical therapies;</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify"><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">our ability to effectively compete and our dependence on market acceptance of our brands and products within and outside the United States;</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify"><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">federal and state legislation and administrative policy regulating our formulations;</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify"><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">our ability (based in part on regulatory concerns) to license our products to processors that can produce pharmaceutical-grade formulations;</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify"><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">our ability to obtain and protect patents for the use of our formulations;</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify"><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">our ability to obtain and install equipment for processing and manufacturing our products;</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify"><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">our ability to successfully navigate disruptions of information technology systems or data security breaches that could adversely affect our business; and</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify"><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">our ability to successfully implement our strategy.</font></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">You should consider the limitations on and risks
associated with forward-looking statements and not unduly rely on the accuracy of predictions contained in such forward-looking statements.
As noted above, these forward-looking statements speak only as of the date when they are made. Moreover, in the future, we may make forward-looking
statements through our senior management that involve the risk factors and other matters described in this report, as well as other risk
factors subsequently identified, including, among others, those identified in our filings with the SEC in our quarterly reports on Form
10-Q and our current reports on Form 8-K.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This document contains statements and claims that
are not approved by the FDA, including cannabidiol and other cannabinoids. These statements and claims are intended to be in compliance
with state laws, specifically in states where medical cannabis has been legalized, and the diseases that we anticipate our products will
target are approved conditions for treatment or usage with cannabis or cannabinoids.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><a name="a_005"></a>USE OF PROCEEDS</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We will not receive any proceeds from the sale
of the Securities covered by this prospectus and any accompanying prospectus supplement. All proceeds from the sale of the Securities
will be for the respective accounts of the Selling Stockholders named herein.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 29pt"><b><a name="a_006"></a>DESCRIPTION OF TRANSACTIONS</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On December 2, 2022, the Company transferred and
issued a Certificate of Shares in the name of Brentwood Absolute Return Fund for a total of 1,940,993 shares.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On April 21, 2025, the Company entered into the
Share Purchase Agreements (the &#8220;Purchase Agreements&#8221;) with certain investors relating to the sale and issuance by the Company
to the investors of an aggregate of 2,803,333 shares of its common stock for a total purchase price of $841,000, or $0.30 per share, subject
to the terms and conditions set forth in the Purchase Agreements. The investment by such investors were subject to customary closing conditions,
including NYSE approval. The Purchase Agreements contain certain representations, warranties, and covenants. In addition, both parties
have agreed to indemnify each other for losses arising out of breaches of their respective representations, warranties, and covenants
and for certain liabilities related to each party&#8217;s business, subject to customary limitations.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><a href="#TableOfContents">Table of Contents</a></p></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 29pt"><b><a name="a_007"></a>SELLING STOCKHOLDERS</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following tables set forth information with
respect to the beneficial ownership of our common stock by the Selling Stockholders as of June 20, 2025. Beneficial ownership is determined
in accordance with SEC rules and generally includes voting or investment power with respect to securities. The Selling Stockholders have
not held any position or office or have otherwise had a material relationship with us or any of our subsidiaries within the past three
years other than as described in &#8220;Description of Transaction&#8221; above. To our knowledge, the selling stockholders have sole
voting and investment power with respect to their shares of common stock.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Selling Stockholders, if they desire, may
dispose of the shares covered by this prospectus from time to time at such prices as they may choose. Before a stockholder not named below
may use this prospectus in connection with an offering of shares, this prospectus must be amended or supplemented to include the name
and number of shares beneficially owned by the selling stockholder and the number of shares to be offered. Any amended or supplemented
prospectus also will disclose whether any selling stockholder named in that amended or supplemented prospectus has held any position,
office, or other material relationship with us or any of our predecessors or affiliates during the three years prior to the date of the
amended or supplemented prospectus.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: justify; border-bottom: Black 1pt solid">Name of Selling Stockholder</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="6" style="text-align: center; border-bottom: Black 1pt solid"><b>Common<br /> Stock Beneficially Owned<br /> Prior to the<br /> Offering<br /> Shares Percent</b></td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Common Stock<br /> Offered<br /> Pursuant to<br /> this<br /> Prospectus</td>
    <td style="padding-bottom: 1pt; font-weight: bold">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="6" style="text-align: center; border-bottom: Black 1pt solid"><b>Common Stock<br /> Owned Upon<br /> Completion of<br /> this Offering <br /> Shares Percent </b></td>
    <td style="padding-bottom: 1pt">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 40%; text-align: justify; padding-left: 0.25pt">Frank Zaccanelli</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">&nbsp;</td>
    <td style="width: 9%; text-align: right">833,333</td>
    <td style="width: 1%; text-align: left">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">&nbsp;</td>
    <td style="width: 9%; text-align: right">1.0</td>
    <td style="width: 1%; text-align: left">%</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">&nbsp;</td>
    <td style="width: 9%; text-align: right">833,333</td>
    <td style="width: 1%; text-align: left">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">&nbsp;</td>
    <td style="width: 9%; text-align: right">0</td>
    <td style="width: 1%; text-align: left">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">&nbsp;</td>
    <td style="width: 9%; text-align: right">0</td>
    <td style="width: 1%; text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify; padding-left: 0.25pt">Joseph Mangan</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">416,667</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">0.5</td>
    <td style="text-align: left">%</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">416,667</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">0</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">0</td>
    <td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify; padding-left: 0.25pt">Robert Coughlin</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">333,333</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">0.4</td>
    <td style="text-align: left">%</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">333,333</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">0</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">0</td>
    <td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify; padding-left: 0.25pt">Pat &amp; Lori Gorman</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">83,333</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">0.1</td>
    <td style="text-align: left">%</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">83,333</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">0</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">0</td>
    <td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify; padding-left: 0.25pt">Tom Eggleston</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">620,000</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">0.7</td>
    <td style="text-align: left">%</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">620,000</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">0</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">0</td>
    <td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify; padding-left: 0.25pt">Mike Ioannides</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">100,000</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">0.1</td>
    <td style="text-align: left">%</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">100,000</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">0</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">0</td>
    <td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify; padding-left: 0.25pt">Seth Anderson</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">250,000</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">0.3</td>
    <td style="text-align: left">%</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">250,000</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">0</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">0</td>
    <td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify; padding-left: 0.25pt">Thomas Sweitzer</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">166,667</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">0.2</td>
    <td style="text-align: left">%</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">166,667</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">0</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">0</td>
    <td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify; padding-left: 0.25pt">Brentwood Absolute Return Fund</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">1,940,993</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">2.3</td>
    <td style="text-align: left">%</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">1,940,993</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">0</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">0</td>
    <td style="text-align: left">%</td></tr>
  </table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><a name="a_008"></a>DESCRIPTION OF COMMON STOCK</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following is a description of the material
terms and provisions of our common stock. It may not contain all the information that is important to you. You can access complete information
by referring to our articles of incorporation and by-laws, each as amended to date, which we refer to as our &#8220;articles of incorporation&#8221;
and &#8220;by-laws.&#8221;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>General</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are a Maryland corporation. Under our articles
of incorporation, we have the authority to issue 150,000,000 shares of common stock, par value $0.0001 per share, and 1,000,000 shares
of preferred stock, par value $0.0001 per share.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of June 20, 2025, there were issued and outstanding:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&nbsp;</td>
    <td style="width: 0.25in"><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">83,891,586 shares of common stock;</font></td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">no shares of preferred stock;</font></td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">restricted share units/stock awards consisting of approximately 11 million shares of common stock, which awards are subject to vesting;</font></td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">91,472 units; the &#8220;unit&#8221;&nbsp;component consists of 1 share of &#8220;ordinary&#8221;&nbsp;common stock, and subsequent to the 1 for 10 reverse split, the unit&nbsp;component consists of .10 &#8220;ordinary&#8221;&nbsp;common; cash-in-lieu at $1.95 per share.</font></td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">150,000 shares of common stock reserved for issuance upon the exercise of outstanding stock options;</font></td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">Approximately 6 million shares of our common stock are reserved for future issuance under certain special grants.</font></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Voting, Dividends, and Other Rights</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Holders of shares of our common stock are entitled
to one vote for each share held of record on each matter submitted to a vote of stockholders. There is no cumulative voting for the election
of directors. Accordingly, the holders of a majority of our outstanding shares of common stock are entitled to vote in any election of
directors and can elect all of the directors standing for election if they should so choose. As additional and material consideration
for 2023 Share Purchase Agreement, the Investors agreed and warranted that they shall vote in favor of and in accordance with the recommendations
of the Company&#8217;s Board of Directors at each of (i) the seven (7) consecutive annual shareholders&#8217; meetings immediately following
execution of this Agreement and (ii) all special shareholders&#8217; meetings that are held prior to the eighth annual shareholders meeting
immediately following execution of this Agreement. The Investor agrees that in the event the Investor is unable to vote the shares, it
hereby authorizes the Company to cast the vote on its behalf. Holders of shares of our common stock are entitled to receive dividends
ratably when, as, and if declared by the board of directors out of funds legally available therefor and, upon our liquidation, dissolution,
or winding up, are entitled to share ratably in all assets remaining after payment of liabilities. Holders of shares of our common stock
have no preemptive rights and have no rights to convert their common stock into any other securities. There are no redemption or sinking
fund provisions applicable to our common stock. The outstanding shares of our common stock are, and the shares of common stock to be sold
in this offering will be, when issued, validly authorized and issued, fully paid and nonassessable.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Transfer Agent</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The transfer agent and registrar for our common
stock is Continental Stock Transfer &amp; Trust Co., and its address is 1 State Street, 30th Floor, New York, NY 10004-1561, telephone
number +1 (212) 509-4000.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Listing</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our common stock is listed for trading on the
NYSE American under the symbol IGC. It is also quoted on the Frankfurt, Berlin, and Stuttgart (XETRA2) stock exchanges in Germany under
the symbol IGSI.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><a name="a_009"></a>ANTI-TAKEOVER LAW, LIMITATIONS OF LIABILITY
AND INDEMNIFICATION</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Business Combinations</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under the Maryland General Corporation Law, some
business combinations, including a merger, consolidation, share exchange, or, in some circumstances, an asset transfer or issuance or
reclassification of equity securities, are prohibited for a period of time and require an extraordinary vote. These transactions include
those between a Maryland corporation and the following persons (a Specified Person):</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">An interested stockholder who is defined as any
person (other than a subsidiary) who beneficially owns 10% or more of the corporation&#8217;s voting stock or who is an affiliate or an
associate of the corporation who, at any time within a two-year period prior to the transaction, was the beneficial owner of 10% or more
of the voting power of the corporation&#8217;s voting stock&#894; or an affiliate of an interested stockholder.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A person is not an interested stockholder if the
board of directors approves in advance the transaction by which the person otherwise would have become an interested stockholder. The
board of directors of a Maryland corporation also may exempt a person from these business combination restrictions prior to the time the
person becomes a Specified Person and may provide that its exemption be subject to compliance with any terms and conditions determined
by the board of directors. Transactions between a corporation and a Specified Person are prohibited for five years after the most recent
date on which such stockholder becomes a Specified Person. After five years, any business combination must be recommended by the board
of directors of the corporation and approved by at least 80% of the votes entitled to be cast by holders of voting stock of the corporation
and two-thirds of the votes entitled to be cast by holders of shares other than voting stock held by the Specified Person with whom the
business combination is to be effected, unless the corporation&#8217;s stockholders receive a minimum price as defined by Maryland law
and other conditions under Maryland law are satisfied.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A Maryland corporation may elect not to be governed
by these provisions by having its board of directors exempt various Specified Persons, by including a provision in its charter expressly
electing not to be governed by the applicable provision of Maryland law, or by amending its existing charter with the approval of at least
80% of the votes entitled to be cast by holders of outstanding shares of voting stock of the corporation and two-thirds of the votes entitled
to be cast by holders of shares other than those held by any Specified Person. Our Charter does not include any provision opting out of
these business combination provisions.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Control Share Acquisitions</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Maryland General Corporation Law also prevents,
subject to exceptions, an acquirer who acquires sufficient shares to exercise specified percentages of the voting power of a corporation
from having any voting rights except to the extent approved by two-thirds of the votes entitled to be cast on the matter not including
shares of stock owned by the acquiring person, any directors who are employees of the corporation and any officers of the corporation.
These provisions are referred to as the control share acquisition statute.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The control share acquisition statute does not
apply to shares acquired in a merger, consolidation, or share exchange if the corporation is a party to the transaction or to acquisitions
approved or exempted prior to the acquisition by a provision contained in the corporation&#8217;s charter or bylaws. Our Bylaws include
a provision exempting us from the restrictions of the control share acquisition statute, but this provision could be amended or rescinded
either before or after a person acquired control shares. As a result, the control share acquisition statute could discourage offers to
acquire our common stock and could increase the difficulty of completing an offer.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Board of Directors</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Maryland General Corporation Law provides
that a Maryland corporation which is subject to the Exchange Act and has at least three outside directors (who are not affiliated with
an acquirer of the company) under certain circumstances may elect by resolution of the board of directors or by amendment of its charter
or bylaws to be subject to statutory corporate governance provisions that may be inconsistent with the corporation&#8217;s charter and
bylaws. Under these provisions, a board of directors may divide itself into three separate classes without the vote of stockholders such
that only one-third of the directors are elected each year. A board of directors classified in this manner cannot be altered by amendment
to the charter of the corporation. Further, the board of directors may, by electing to be covered by the applicable statutory provisions
and notwithstanding the corporation&#8217;s charter or bylaws:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="text-align: justify; width: 0.5in">&nbsp;</td>
    <td style="text-align: justify; width: 0.25in"><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">provide that a special meeting of stockholders will be called only at the request of stockholders entitled to cast at least a majority of the votes entitled to be cast at the meeting,</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify"><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">reserve for itself the right to fix the number of directors,</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify"><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">provide that a director may be removed only by the vote of at least two-thirds of the votes entitled to be cast generally in the election of directors and</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify"><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">retain for itself sole authority to fill vacancies created by an increase in the size of the board or the death, removal, or resignation of a director.</font></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, a director elected to fill a vacancy
under these provisions serves for the balance of the unexpired term instead of until the next annual meeting of stockholders. A board
of directors may implement all or any of these provisions without amending the charter or bylaws and without stockholder approval. Although
a corporation may be prohibited by its charter or by resolution of its board of directors from electing any of the provisions of the statute,
we have not adopted such a prohibition. We have adopted a staggered board of directors with three separate classes in our charter and
given the board the right to fix the number of directors, but we have not prohibited the amendment of these provisions. The adoption of
the staggered board may discourage offers to acquire our common stock and may increase the difficulty of completing an offer to acquire
our stock. If our Board chooses to implement the statutory provisions, it could further discourage offers to acquire our common stock
and could further increase the difficulty of completing an offer to acquire our common stock.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Effect of Certain Provisions of our Articles
of Incorporation and Bylaws</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition to the Charter and Bylaws provisions
discussed above, certain other provisions of our Bylaws may have the effect of impeding the acquisition of control of our Company by means
of a tender offer, proxy fight, open market purchases, or otherwise in a transaction not approved by our Board of Directors. These provisions
of the Bylaws are intended to reduce our vulnerability to an unsolicited proposal for the restructuring or sale of all or substantially
all of our assets or an unsolicited takeover attempt, which our Board believes is otherwise unfair to our stockholders. These provisions,
however, also could have the effect of delaying, deterring, or preventing a change in control of our Company.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our Bylaws provide that with respect to annual
meetings of stockholders, (i) nominations of individuals for election to our Board of Directors and (ii) the proposal of business to be
considered by stockholders may be made only pursuant to our notice of the meeting, by or at the direction of our Board of Directors, or
by a stockholder who is entitled to vote at the meeting and has complied with the advance notice procedures set forth in our Bylaws.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Special meetings of stockholders may be called
only by the chief executive officer, the board of directors, or the secretary of our Company (upon the written request of the holders
of a majority of the shares entitled to vote). At a special meeting of stockholders, the only business that may be conducted is the business
specified in our notice of meeting. With respect to nominations of persons for election to our Board of Directors, nominations may be
made at a special meeting of stockholders only pursuant to our notice of meeting, by or at the direction of our Board of Directors, or
if our Board of Directors has determined that directors will be elected at the special meeting, by a stockholder who is entitled to vote
at the meeting and has complied with the advance notice procedures set forth in our Bylaws.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">These procedures may limit the ability of stockholders
to bring business before a stockholder&#8217;s meeting, including the nomination of directors and the consideration of any transaction
that could result in a change in control and that may result in a premium to our stockholders.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Disclosure of the SEC</b>&#8217;<b>s Position on Indemnification
for Securities Act Liabilities</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Insofar as indemnification of liabilities under
the Securities Act may be permitted to directors, officers, or persons controlling us pursuant to the above provisions, we have been informed
that, in the opinion of the SEC, such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable.
In the event that a claim for indemnification against such liabilities (other than the payment of expenses incurred or paid by a director,
officer, or controlling person in the successful defense of any action, suit, or proceeding) is asserted by such director, officer or
controlling person in connection with the shares of common stock being registered, we will, unless in the opinion of our counsel the matter
has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by
us is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><a name="a_010"></a>PLAN OF DISTRIBUTION</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Selling Stockholders may, from time to time,
sell any or all of their shares of common stock on any stock exchange, market, or trading facility on which the shares are traded or in
private transactions. We will not receive any of the proceeds from the sale of the common stock covered by this prospectus by the Selling
Stockholders. The Selling Stockholders will act independently of us in making decisions with respect to the timing, manner, and size of
each sale. We will bear all fees and expenses incident to our obligation to register the common stock covered by this prospectus. These
sales may be at fixed or negotiated prices. The Selling Stockholders may use any one or more of the following methods when selling shares:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&nbsp;</td>
    <td style="width: 0.25in"><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">ordinary brokerage transactions and transactions in which the broker-dealer solicits purchasers;</font></td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">block trades in which the broker-dealer will attempt to sell the Securities as an agent but may position and resell a portion of the block as principal to facilitate the transaction;</font></td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">Purchases by a broker-dealer as principal and resale by the broker-dealer for its account;</font></td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">through one or more underwritten offerings on a firm commitment or best efforts basis;</font></td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">An exchange distribution in accordance with the rules of the applicable exchange;</font></td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">Privately negotiated transactions;</font></td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">through the writing or settlement of options, swaps or other hedging or derivative transactions, whether through an options exchange or otherwise;</font></td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">Short sales effected after the effective date of the registration statement of which this prospectus is a part;</font></td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">Broker-dealers may agree with the Selling Stockholders to sell a specified number of such shares at a stipulated price per share;</font></td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">A combination of any such methods of sale and</font></td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">Any other method permitted pursuant to applicable law.</font></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Selling Stockholders may also sell shares
under Rule&nbsp;144 under the Securities Act, if available, rather than under this prospectus.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Broker-dealers engaged by the Selling Stockholders
may arrange for other broker-dealers to participate in sales. Broker-dealers may receive commissions or discounts from the Selling Stockholders
(or, if any broker-dealer acts as agent for the purchaser of shares, from the purchaser) in amounts to be negotiated. The Selling Stockholders
do not expect these commissions and discounts to exceed what is customary in the types of transactions involved. Any profits on the resale
of shares of common stock by a broker-dealer acting as principal might be deemed to be underwriting discounts or commissions under the
Securities Act. Discounts, concessions, commissions, and similar selling expenses, if any, attributable to the sale of shares will be
borne by a Selling Stockholder. The Selling Stockholders may agree to indemnify any agent, dealer, or broker-dealer that participates
in transactions involving sales of shares if liabilities are imposed on that person under the Securities Act.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Selling Stockholders may, from time to time,
pledge or grant a security interest in some or all of the shares of common stock owned by them, and if they default in the performance
of their secured obligations, the pledgees or secured parties may offer and sell the shares of common stock from time to time under this
prospectus after we have filed a supplement to this prospectus under Rule&nbsp;424(b)(3) or other applicable provision of the Securities
Act supplementing or amending the list of Selling Stockholders to include the pledgee, transferee or other successors in interest as selling
stockholders under this prospectus.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Selling Stockholders also may transfer the
shares of common stock in other circumstances, in which case the transferees, pledgees, or other successors in interest will be the selling
beneficial owners for purposes of this prospectus and may sell the shares of common stock or warrants from time to time under this prospectus
after we have filed a supplement to this prospectus under Rule&nbsp;424(b)(3) or other applicable provision of the Securities Act supplementing
or amending the list of Selling Stockholders to include the pledgee, transferee or other successors in interest as selling stockholders
under this prospectus.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Selling Stockholders and any broker-dealers
or agents that are involved in selling the shares of common stock may be deemed to be &#8220;underwriters&#8221; within the meaning of
the Securities Act in connection with such sales. In such event, any commissions received by such broker-dealers or agents and any profit
on the resale of the shares of common stock purchased by them may be deemed to be underwriting commissions or discounts under the Securities
Act.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are required to pay all fees and expenses incident
to the registration of the shares of common stock. We have agreed to indemnify the Selling Stockholders against certain losses, claims,
damages, and liabilities, including liabilities under the Securities Act.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Selling Stockholders have advised us that
they have not entered into any agreements, understandings, or arrangements with any underwriters or broker-dealers regarding the sale
of their shares of common stock, nor is there an underwriter or coordinating broker acting in connection with a proposed sale of shares
of common stock by any Selling Stockholder. If we are notified by any Selling Stockholder that any material arrangement has been entered
into with a broker-dealer for the sale of shares of common stock, if required, we will file a supplement to this prospectus. If the Selling
Stockholders use this prospectus for any sale of the shares of common stock, they will be subject to the prospectus delivery requirements
of the Securities Act.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">To the extent required pursuant to Rule&nbsp;424(b)
under the Securities Act, the Securities to be sold, the names of the selling stockholders, the purchase price and public offering price,
the names of any agents, dealer or underwriter, and any applicable commissions or discounts with respect to a particular offer will be
set forth in an accompanying prospectus supplement or, if appropriate, a post-effective amendment to the registration statement that includes
this prospectus.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In order to comply with the securities laws of
some states, if applicable, the Securities may be sold in these jurisdictions only through registered or licensed brokers or dealers.
In addition, in some states, the Securities may not be sold unless they have been registered or qualified for sale, or an exemption from
registration or qualification requirements is available, and the Selling Stockholder complies with such exemption&#8217;s requirements.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Selling Stockholders and any other person
participating in a sale of the Securities registered under this prospectus will be subject to applicable provisions of the Exchange Act
and the rules and regulations thereunder, including, without limitation, to the extent applicable, Regulation&nbsp;M of the Exchange Act,
which may limit the timing of purchases and sales of any of the Securities by the selling stockholders and any other participating person.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">All of the foregoing may affect the marketability
of Securities and the ability of any person or entity to engage in market-making activities with respect to the Securities. In addition,
we will make copies of this prospectus (as it may be supplemented or amended from time to time) available to the selling stockholders
for the purpose of satisfying the prospectus delivery requirements of the Securities Act. The selling stockholders may indemnify any broker-dealer
that participates in transactions involving the sale of the Securities against certain liabilities, including liabilities arising under
the Securities Act.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">There can be no assurance that the selling stockholders
will sell any or all of the shares of our common stock registered pursuant to the registration statement, of which this prospectus forms
a part.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Once sold under the registration statement, of
which this prospectus forms a part, the shares of common stock will be freely tradable in the hands of persons other than our affiliates.&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><a name="a_011"></a>EXPERTS</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The consolidated financial statements of IGC Pharma,
Inc. included in our annual report on Form 10-K for the fiscal year ended March 31, 2025, and March 31, 2024, have been audited by Manohar
Chowdhry &amp; Associates, independent registered public accountants, as set forth in their reports thereon, included therein, and incorporated
herein by reference in this prospectus and elsewhere in the registration statement. Such consolidated financial statements are incorporated
herein by reference in reliance upon such reports given on the authority of said firm as experts in accounting and auditing.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><a name="a_012"></a>LEGAL MATTERS</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Olshan Frome Wolosky LLP, New York, as our counsel,
has opined as to the legality of the shares of common stock being offered by this registration statement.&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><a name="a_013"></a>WHERE YOU CAN FIND MORE INFORMATION</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are a public company and file annual, quarterly,
and special reports, proxy statements, and other information with the SEC. Our SEC filings are available, at no charge, to the public
at the SEC&#8217;s website at http://www.sec.gov.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This prospectus is part of a registration statement
on Form S-3 that we filed with the SEC. The registration statement contains more information than this prospectus regarding us and our
common stock, including certain exhibits and schedules. You can obtain a copy of the registration statement from the SEC at the address
listed above or from the SEC&#8217;s website.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">You may also access our SEC filings at our website
https://igcpharma.com/. The information on our Internet website is not incorporated by reference in this prospectus.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><a name="a_014"></a>INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are &#8220;incorporating by reference&#8221;
information into this prospectus. This means that we are disclosing important information to you by referring you to another document
that has been filed separately with the SEC. The information incorporated by reference is considered to be part of this prospectus, and
information that we file later with the SEC will automatically update and supersede the information contained in documents filed earlier
with the SEC or contained in this prospectus. We incorporate by reference in this prospectus supplement the documents listed below and
any future filings made by us with the SEC under Sections 13(a), 13(c), 14, and 15(d) of the Exchange Act after the initial filing of
this prospectus supplement and prior to the time that we sell all of the securities offered by this prospectus supplement and the accompanying
prospectus (except in each case the information contained in such documents to the extent &#8220;furnished&#8221; and not &#8220;filed&#8221;):</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&nbsp;</td>
    <td style="width: 0.25in"><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">Annual Report on <a href="http://www.sec.gov/Archives/edgar/data/1326205/000118518525000706/igc10k033125.htm">Form 10-K</a> for the fiscal year ended March 31, 2025, filed with the SEC on June 27, 2025;</font></td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">Our Current Report on <a href="http://www.sec.gov/Archives/edgar/data/1326205/000118518525000657/igc8k061425.htm">Form 8-K</a> (excluding any reports or portions thereof that are deemed to be furnished and not filed), filed with the SEC on June 17, 2025; and</font></td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">The description of our common stock contained in our Registration Statement on <a href="http://www.sec.gov/Archives/edgar/data/1326205/000095013706002699/c03201e8va12b.htm">Form 8-A</a> filed pursuant to Section 12 of the&nbsp;Exchange Act on March 7, 2006, and any amendments or reports filed for the purpose of updating the description.</font></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Any statement contained in a document incorporated
or deemed to be incorporated by reference herein shall be deemed to be modified or superseded for purposes of this prospectus to the extent
that a statement contained herein or in any other subsequently filed document which also is or is deemed to be incorporated by reference
herein modifies or supersedes such statement. Any such statement so modified or superseded shall not be deemed, except as so modified
or superseded, to constitute a part of this prospectus.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We will provide to each person, including any
beneficial owner to whom this prospectus supplement is delivered, a copy of any or all of the information that has been incorporated by
reference in this prospectus supplement but not delivered with this prospectus supplement. Copies of the above documents (other than exhibits
to such documents unless those exhibits have been specifically incorporated by reference in this prospectus supplement) may be obtained
upon written or oral request, without charge to you, by contacting:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">IGC Pharma, Inc.<br />
Attn: Corporate Secretary<br />
10224 Falls Road<br />
Potomac, Maryland 20854<br />
Telephone: +1 (301)&nbsp;983-0998.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">You should rely only on the information contained
in this prospectus, including information incorporated by reference as described above or any prospectus supplement that we have specifically
referred you to. We have not authorized anyone else to provide you with different information. You should not assume that the information
in this prospectus or any prospectus supplement is accurate as of any date other than the date on the front of those documents or that
any document incorporated by reference is accurate as of any date other than its filing date. You should not consider this prospectus
to be an offer or solicitation relating to the securities in any jurisdiction in which such an offer or solicitation relating to the securities
is not authorized. Furthermore, you should not consider this prospectus to be an offer or solicitation relating to the securities if the
person making the offer or solicitation is not qualified to do so or if it is unlawful for you to receive such an offer or solicitation.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><a href="#TableOfContents">Table of Contents</a></p></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>PART II</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>INFORMATION NOT REQUIRED IN THE PROSPECTUS</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Item 14. Other Expenses of Issuance and Distribution</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table sets forth the various expenses
to be incurred in connection with the sale and distribution of the securities being registered hereby, all of which will be borne by the
Company (except any underwriting discounts and commissions and expenses incurred by the selling stockholders for brokerage, accounting,
tax or legal services or any other expenses incurred by the selling stockholders in connection with the sale of the shares). All amounts
shown are estimates except the SEC registration fee.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 88%; text-align: left; padding-left: 0.25pt">SEC registration fee</td><td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">276.02</td><td style="width: 1%; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-left: 0.25pt">Legal fees and expenses</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right"><font style="font-size: 10pt">*</font></td><td style="text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 0.25pt">Accounting fees and expenses</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right"><font style="font-size: 10pt">*</font></td><td style="text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-left: 0.25pt">Transfer agent fees and expenses</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right"><font style="font-size: 10pt">*</font></td><td style="text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 0.25pt">Printing fees and expenses</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right"><font style="font-size: 10pt">*</font></td><td style="text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1pt; padding-left: 0.25pt">Miscellaneous expenses</td><td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 10pt">*</font></td><td style="padding-bottom: 1pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt; padding-left: 0.25pt">Total expenses</td><td style="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">276.02</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><font style="font-size: 10pt">*</font></td><td style="text-align: justify"><font style="font-size: 10pt">These fees and expenses are calculated
based on the securities offered and the number of issuances and, accordingly, cannot be estimated at this time. An estimate of the aggregate
amount of these expenses will be reflected in the applicable prospectus supplement.</font></td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Item 15. Indemnification of Directors and Officers</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Paragraph&nbsp;B of Article&nbsp;Ten of our amended
and restated articles of incorporation provides as follows:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8220;The Corporation, to the full extent permitted
by Section&nbsp;2-418 of the MGCL, as amended from time to time, shall indemnify all persons whom it may indemnify pursuant thereto. Expenses
(including attorneys&#8217; fees) incurred by an officer or director in defending any civil, criminal, administrative, or investigative
action, suit, or proceeding or which such officer or director may be entitled to indemnification hereunder shall be paid by the Corporation
in advance of the final disposition of such action, suit or proceeding upon receipt of an undertaking by or on behalf of such director
or officer to repay such amount if it shall ultimately be determined that he or she is not entitled to be indemnified by the Corporation
as authorized hereby.&#8221;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Article&nbsp;IX of our bylaws also provides for
indemnification of our directors, officers, employees, or agents for certain matters in accordance with Section&nbsp;2-418 of the Maryland
General Corporation Law.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Insofar as indemnification for liabilities arising
under the Securities Act may be permitted to our directors, officers, and controlling persons pursuant to the foregoing provisions, or
otherwise, we have been advised that in the opinion of the SEC, such indemnification is against public policy as expressed in the Securities
Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment of
expenses incurred or paid by a director, officer, or controlling person in a successful defense of any action, suit, or proceeding) is
asserted by such director, officer or controlling person in connection with the securities being registered, we will, unless in the opinion
of its counsel the matter has been settled by controlling precedent, submit to the court of appropriate jurisdiction the question whether
such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication
of such issue.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Item 16. Exhibits and Financial Statement Schedules</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The exhibits listed in the following Exhibit Index are filed as part
of this Registration Statement on Form S-3.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="border-bottom: black 1pt solid; padding: 0pt; width: 9%"><font style="font-size: 10pt"><b>Exhibit No.</b></font></td>
    <td style="width: 1%">&nbsp;</td>
    <td style="border-bottom: black 1pt solid; padding: 0pt; width: 90%"><font style="font-size: 10pt"><b>Description</b></font></td></tr>
  <tr style="vertical-align: top">
    <td style="padding: 0pt"><font style="font-size: 10pt">3.1</font></td>
    <td>&nbsp;</td>
    <td style="padding: 0pt; text-align: justify"><font style="font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1326205/000118518512001643/ex3-1.htm">Amended and Restated Articles of Incorporation (incorporated by reference to Exhibit 3.1 to the registrant&rsquo;s current report on Form 8-K filed on August 6, 2012).</a></font></td></tr>
  <tr style="vertical-align: top">
    <td style="padding: 0pt"><font style="font-size: 10pt">3.2</font></td>
    <td>&nbsp;</td>
    <td style="padding: 0pt; text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1326205/000118518521000102/ex_222078.htm"><font style="font-size: 10pt">Amendment&nbsp;to the Amended and Restated Articles of Incorporation of the Registrant as amended on August 2, 2014. (incorporated by reference to Exhibit 3.3 to the Company&rsquo;s Post-Effective Amendment No.1 to Form S-3 filed on January 22, 2021).</font></a></td></tr>
  <tr style="vertical-align: top">
    <td style="padding: 0pt"><font style="font-size: 10pt">3.3</font></td>
    <td>&nbsp;</td>
    <td style="padding: 0pt; text-align: justify"><font style="font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1326205/000118518523000238/ex_490458.htm">Articles of Amendment to the Company&rsquo;s Amended and Restated Articles of Incorporation filed with the State Department of Assessments and Taxation of Maryland on March 7, 2023 (incorporated by reference to Exhibit 3.1 to the Company&rsquo;s Current Report on Form 8-K filed on March 21, 2023).</a></font></td></tr>
  <tr style="vertical-align: top">
    <td style="padding: 0pt"><font style="font-size: 10pt">3.4</font></td>
    <td>&nbsp;</td>
    <td style="padding: 0pt; text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1326205/000118518521000102/ex_222078.htm"><font style="font-size: 10pt">Amendment to the Amended and Restated Articles of Incorporation (incorporated
by reference to Exhibit 3.3 to the Company&rsquo;s Post-Effective Amendment No.1 to Form S-3 flied on January 22, 2021).</font></a></td></tr>
  <tr style="vertical-align: top">
    <td style="padding: 0pt"><font style="font-size: 10pt">3.5</font></td>
    <td>&nbsp;</td>
    <td style="padding: 0pt; text-align: justify"><font style="font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1326205/000118518523000238/ex_490459.htm">Amendment&nbsp;to the Bylaws of the Company dated March 2, 2023 (incorporated by reference to Exhibit 3.2&nbsp;to the Company&rsquo;s Current Report on Form 8-K filed on March 21, 2023).</a></font></td></tr>
  <tr style="vertical-align: top">
    <td style="padding: 0pt"><font style="font-size: 10pt">5.1*</font></td>
    <td>&nbsp;</td>
    <td style="padding: 0pt; text-align: justify"><font style="font-size: 10pt"><a href="igcs3ex5-1.htm">Opinion of Olshan Frome Wolosky LLP, counsel to the registrant, as to the legality of the securities.</a></font></td></tr>
  <tr style="vertical-align: top">
    <td style="padding: 0pt"><font style="font-size: 10pt">23.1*</font></td>
    <td>&nbsp;</td>
    <td style="padding: 0pt; text-align: justify"><font style="font-size: 10pt"><a href="igcs3ex23-1.htm">Consent of Manohar Chowdhry &amp; Associates, independent registered public accounting firm.</a></font></td></tr>
  <tr style="vertical-align: top">
    <td style="padding: 0pt"><font style="font-size: 10pt">23.3*</font></td>
    <td>&nbsp;</td>
    <td style="padding: 0pt; text-align: justify"><font style="font-size: 10pt"><a href="igcs3ex5-1.htm">Consent of Olshan Frome Wolosky LLP (included in the opinion filed as Exhibit&nbsp;5.1).</a></font></td></tr>
  <tr style="vertical-align: top">
    <td style="padding: 0pt"><font style="font-size: 10pt">24.1</font></td>
    <td>&nbsp;</td>
    <td style="padding: 0pt; text-align: justify"><a href="#p_001"><font style="font-size: 10pt">Power of Attorney (set forth on the signature page of the registration statement).</font></a></td></tr>
  <tr style="vertical-align: top">
    <td style="padding: 0pt"><font style="font-size: 10pt">107*</font></td>
    <td>&nbsp;</td>
    <td style="padding: 0pt; text-align: justify"><font style="font-size: 10pt"><a href="igcex-fee.htm">Filing Fee Table</a></font></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Unless otherwise indicated, exhibits were previously filed.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><font style="font-size: 10pt">*</font></td><td style="text-align: justify"><font style="font-size: 10pt">Filed herewith.</font></td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Item 17. Undertakings</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr>
    <td style="padding: 0.25pt; width: 0.25in">&nbsp;</td>
    <td style="vertical-align: top; width: 24px; padding: 0.25pt"><font style="font-size: 10pt">(a)</font></td>
    <td style="vertical-align: top; padding: 0.25pt"><font style="font-size: 10pt">The undersigned registrant hereby undertakes:</font></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(1) To file, during any period
in which offers or sales are being made, a post-effective amendment to this registration statement:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(i) To include any prospectus
required by Section 10(a)(3) of the Securities Act.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(ii) To reflect in the prospectus
any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof)
which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding
the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed
that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the
form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no
more than 20% change in the maximum aggregate offering price set forth in the &#8220;Calculation of Filing Fee Tables&#8221; or &#8220;Calculation
of Registration Fee&#8221; table, as applicable, in the effective registration statement; and</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(iii) To include any material
information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to
such information in the registration statement;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>provided, however</i>,
that paragraphs (a)(1)(i), (ii) and (iii) above do not apply if the information required to be included in a post-effective amendment
by those paragraphs is contained in reports filed with or furnished to the Commission by the registrant pursuant to Section 13 or 15(d)
of the Exchange Act that are incorporated by reference in the registration statement, or is contained in a form of prospectus filed pursuant
to Rule 424(b) that is part of the registration statement.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">That, for the purpose of determining
any liability under the Securities Act of 1933, each such post-effective amendment shall be deemed to be a new registration statement
relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide
offering thereof.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">To remove from registration
by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">That, for the purpose of determining
liability under the Securities Act of 1933 to any purchaser:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(i) If the registrant is relying
on Rule 430B:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(A) Each prospectus filed
by the registrant pursuant to Rule 424(b)(3) shall be deemed to be part of the registration statement as of the date the filed prospectus
was deemed part of and included in the registration statement and</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(B) Each prospectus required
to be filed pursuant to Rule 424(b)(2), (b)(5), or (b)(7) as part of a registration statement in reliance on Rule 430B relating to an
offering made pursuant to Rule 415(a)(1)(i), (vii), or (x) for the purpose of providing the information required by Section 10(a) of the
Securities Act shall be deemed to be part of and included in the registration statement as of the earlier of the date such form of prospectus
is first used after effectiveness or the date of the first contract of sale of securities in the offering described in the prospectus.
As provided in Rule 430B, for liability purposes of the issuer and any person that is at that date an underwriter, such date shall be
deemed to be a new effective date of the registration statement relating to the securities in the registration statement to which that
prospectus relates, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof. Provided,
however, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document
incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement
will, as to a purchaser with a time of contract of sale prior to such effective date, supersede or modify any statement that was made
in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior
to such effective date; or</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(ii) If the Registrant is
subject to Rule 430C, each prospectus filed pursuant to Rule 424(b) as part of a registration statement relating to an offering, other
than registration statements relying on Rule 430B or other than prospectuses filed in reliance on Rule 430A, shall be deemed to be part
of and included in the registration statement as of the date it is first used after effectiveness. Provided, however, that no statement
made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed
incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser
with a time of contract of sale prior to such first use, supersede or modify any statement that was made in the registration statement
or prospectus that was part of the registration statement or made in any such document immediately prior to such date of first use.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">That, for the purpose of determining
the liability of the Registrant under the Securities Act of 1933 to any purchaser in the initial distribution of the securities, the undersigned
Registrant undertakes that in a primary offering of securities of the undersigned Registrant pursuant to this registration statement,
regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser
by means of any of the following communications, the undersigned Registrant will be a seller to the purchaser and will be considered to
offer or sell such securities to such purchaser:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(i) Any preliminary prospectus
or prospectus of the undersigned Registrant relating to the offering required to be filed pursuant to Rule 424;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(ii) Any free writing prospectus
relating to the offering prepared by or on behalf of the undersigned Registrant or used or referred to by the undersigned Registrant;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(iii) The portion of any other
free writing prospectus relating to the offering containing material information about the undersigned Registrant or its securities provided
by or on behalf of the undersigned Registrant; and</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(iv) Any other communication
that is an offer in the offering made by the undersigned Registrant to the purchaser.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The undersigned hereby undertakes
that, for purposes of determining any liability under the Securities Act of 1933, each filing of the Registrant&#8217;s annual report
pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (and, where applicable, each filing of an employee benefit plan&#8217;s
annual report pursuant to Section 15(d) of the Securities Exchange Act of 1934) that is incorporated by reference in the registration
statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities
at that time shall be deemed to be the initial bona fide offering thereof.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Insofar as indemnification
for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers, and controlling persons of the registrant
pursuant to the provisions described in Item 15 above, or otherwise, the registrant has been advised that in the opinion of the Securities
and Exchange Commission, such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the
event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid
by a director, officer, or controlling person of the registrant in the successful defense of any action, suit, or proceeding) is asserted
by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the
opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question
whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of
such issue.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>SIGNATURES</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the requirements of the Securities
Act of 1933, as amended, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for
filing on Form S-3 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized,
in the City of Potomac, State of Maryland, on this 16&nbsp;day of July 2025.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td colspan="2"><font style="font-size: 10pt"><b>IGC PHARMA,</b>&nbsp;<b>INC.</b>&nbsp;</font></td></tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="2">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td style="width: 60%">&nbsp;</td>
    <td style="width: 4%"><font style="font-size: 10pt">By:</font></td>
    <td style="border-bottom: black 1pt solid; width: 36%"><font style="font-size: 10pt">/s/ Ram Mukunda</font></td>
    </tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><font style="font-size: 10pt">Ram Mukunda</font></td>
    </tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><font style="font-size: 10pt">President, Chief Executive Officer, and Director</font></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><a name="p_001"></a>POWER OF ATTORNEY</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Each person whose signature appears below hereby
constitutes and appoints Ram Mukunda and Claudia Grimaldi and each of them severally, as his or her true and lawful attorney-in-fact and
agent with full power of substitution and resubstitution, for him or her in his or her name, place and stead, in any and all capacities,
to sign any and all amendments to this registration statement and any additional registration statement pursuant to Rule 462(b) under
the Securities Act of 1933 and to file the same, with all exhibits thereto, and other documents in connection therewith, with the Securities
and Exchange Commission, and hereby grants to such attorney-in-fact and agent, full power and authority to do and perform each and every
act and thing requisite and necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby
ratifying and confirming all that said attorney-in-fact and agent or his or her substitute or substitutes may lawfully do or cause to
be done by virtue hereof.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the requirements of the Securities
Act of 1933, as amended, this registration statement has been signed by the following persons in the capacities and on the dates indicated.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr>
    <td style="border-bottom: black 1pt solid; vertical-align: top; width: 33%"><font style="font-size: 10pt"><b>Signature</b></font></td>
    <td style="vertical-align: bottom; width: 1%">&nbsp;</td>
    <td style="border-bottom: black 1pt solid; vertical-align: bottom; width: 45%"><font style="font-size: 10pt"><b>Title</b></font></td>
    <td style="vertical-align: bottom; width: 1%">&nbsp;</td>
    <td style="border-bottom: black 1pt solid; vertical-align: top; width: 20%"><font style="font-size: 10pt"><b>Date</b></font></td></tr>
  <tr style="vertical-align: bottom">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: black 1pt solid"><font style="font-size: 10pt">/s/ Ram Mukunda&nbsp;</font></td>
    <td>&nbsp;</td>
    <td><font style="font-size: 10pt">President, Chief Executive Officer, and Director (Principal</font></td>
    <td>&nbsp;</td>
    <td><font style="font-size: 10pt">July 16, 2025</font></td></tr>
  <tr>
    <td style="vertical-align: top"><font style="font-size: 10pt">Ram Mukunda</font></td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: bottom"><font style="font-size: 10pt">Executive Officer)</font></td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: bottom">&nbsp;</td></tr>
  <tr>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: bottom">&nbsp;</td></tr>
  <tr>
    <td style="border-bottom: black 1pt solid; vertical-align: top"><font style="font-size: 10pt">/s/ Richard Prins</font></td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: bottom"><font style="font-size: 10pt">Chairman of the Board of Directors</font></td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: bottom"><font style="font-size: 10pt">July 16, 2025</font></td></tr>
  <tr>
    <td style="vertical-align: top"><font style="font-size: 10pt">Richard Prins</font></td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: bottom">&nbsp;</td></tr>
  <tr>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: bottom">&nbsp;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: black 1pt solid"><font style="font-size: 10pt">/s/ Claudia Grimaldi&nbsp;</font></td>
    <td>&nbsp;</td>
    <td><font style="font-size: 10pt">Vice President, Chief Compliance Officer, and </font></td>
    <td>&nbsp;</td>
    <td><font style="font-size: 10pt">July 16, 2025</font></td></tr>
  <tr>
    <td style="vertical-align: top"><font style="font-size: 10pt">Claudia Grimaldi&nbsp;</font></td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: bottom">Director&nbsp;(Principal Financial Officer)</td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: bottom">&nbsp;</td></tr>
  <tr>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: bottom">&nbsp;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: black 1pt solid"><font style="font-size: 10pt">/s/ James Moran&nbsp;</font></td>
    <td>&nbsp;</td>
    <td><font style="font-size: 10pt">Director</font></td>
    <td>&nbsp;</td>
    <td><font style="font-size: 10pt">July 16, 2025</font></td></tr>
  <tr>
    <td style="vertical-align: top"><font style="font-size: 10pt">James Moran</font></td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: bottom">&nbsp;</td></tr>
  <tr>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: bottom">&nbsp;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1pt solid"><font style="font-size: 10pt">/s/ Terry L. Lierman</font></td>
    <td>&nbsp;</td>
    <td><font style="font-size: 10pt">Director</font></td>
    <td>&nbsp;</td>
    <td><font style="font-size: 10pt">July 16, 2025</font></td></tr>
  <tr>
    <td style="vertical-align: top"><font style="font-size: 10pt">Terry L. Lierman</font></td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: bottom">&nbsp;</td></tr>
  </table>

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<p style="margin-top: 0; margin-bottom: 0"></p>

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<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>2
<FILENAME>igcs3ex5-1.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
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<body style="font: 10pt Times New Roman, Times, Serif">

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Exhibit
5.1</b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">OLSHAN
FROME WOLOSKY LLP<br />
1325 Avenue of the Americas, 15th Floor<br />
New York, New York 10019</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">July
16, 2025</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">IGC
Pharma, Inc.<br />
10224 Falls Road<br />
Potomac, Maryland 20854</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Re:
<u>Registration Statement on Form S-3</u></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ladies
and Gentlemen:</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
opinion is furnished to you in connection with a Registration Statement on Form S-3 (the &#8220;Registration Statement&#8221;) to be
filed with the Securities and Exchange Commission (the &#8220;Commission&#8221;) under the Securities Act of 1933, as amended (the &#8220;Securities
Act&#8221;), for the registration of 4,744,326 shares of Common Stock, par value $0.0001 per share (the &#8220;Shares&#8221;), of IGC
Pharma, Inc., a Maryland corporation (the &#8220;Company&#8221;), issued pursuant to the transactions described in the &#8220;DESCRIPTION
OF TRANSACTIONS&#8221;.&nbsp;&nbsp;The Shares are being registered on behalf of the selling stockholders of the Company.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are acting as counsel for the Company in connection with the registration for resale of the Shares. We have examined signed copies of
the Registration Statement to be filed with the Commission. We have also examined and relied upon minutes of meetings of the stockholders
and the Board of Directors of the Company as provided to us by the Company, stock record books of the Company as provided to us by the
Company, the Articles of Incorporation and By-laws of the Company, each as amended to date, and such other documents as we have deemed
necessary for purposes of rendering the opinions hereinafter set forth.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
our examination of the foregoing documents, we have assumed the genuineness of all signatures, the authenticity of all documents submitted
to us as originals, the conformity to original documents of all documents submitted to us as copies, the authenticity of the originals
of such latter documents and the legal competence of all signatories to such documents.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
assume that the appropriate action will be taken, prior to the offer and sale of the Shares, to register and qualify the Shares for sale
under all applicable state securities or &#8220;blue sky&#8221; laws.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Based
upon and subject to the foregoing, we are of the opinion that the Shares issued to the Selling Stockholders as described in the &#8220;<font style="text-transform: uppercase">Description
of Transactions</font>&#8221; are validly issued, fully paid, and nonassessable.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">It
is understood that this opinion is to be used only in connection with the offer and sale of the Shares while the Registration Statement
is in effect.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Please
note that we are opining only as to the matters expressly set forth herein, and no opinion should be inferred as to any other matters.
This opinion is based upon currently existing statutes, rules, regulations, and judicial decisions, and we disclaim any obligation to
advise you of any change in any of these sources of law or subsequent legal or factual developments which might affect any matters or
opinion set forth herein.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
hereby consent to the filing of this opinion with the Commission as an exhibit to the Registration Statement in accordance with the requirements
of Item 601(b)(5) of Regulation S-K under the Securities Act and to the use of our name therein and in the related prospectus under the
caption &#8220;Legal Matters.&#8221; In giving such consent, we do not hereby admit that we are in the category of persons whose consent
is required under Section 7 of the Securities Act or the rules and regulations of the Commission.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 60%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></td>
    <td style="width: 40%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Very truly yours,</font></td></tr>
  <tr style="vertical-align: top">
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></td></tr>
  <tr style="vertical-align: top">
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></td>
    <td style="border-bottom: Black 1pt solid"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ <i>OLSHAN FROME WOLOSKY LLP</i></font></td></tr>
  <tr style="vertical-align: top">
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">OLSHAN FROME WOLOSKY LLP</font></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></font></p>

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<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>3
<FILENAME>igcs3ex23-1.htm
<DESCRIPTION>EXHIBIT 23.1
<TEXT>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Exhibit
23.1</b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>CONSENT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
the Board of Directors<br />
IGC Pharma, Inc.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
hereby consent to the incorporation by reference in this Registration Statement on Form S-3 and the related Prospectus of our report
dated June 27, 2025, relating to the audit of the consolidated balance sheets of IGC Pharma, Inc. (the &#8220;Company&#8221;) as of March
31, 2025 and 2024, and the related consolidated statements of operations, consolidated statement of changes in shareholders&#8217; equity,
and consolidated statements of cash flows for the years ended March 31, 2025 and 2024 included in the Company&#8217;s Annual Report on
Form 10-K for the fiscal year ended March 31, 2025, which was filed with the United States Securities and Exchange Commission. We also
consent to the reference to our Firm under the heading &#8220;Experts&#8221; in this Registration Statement on Form S-3 and the related
Prospectus.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="border-bottom: Black 1pt solid; width: 40%"><b>/s/ Manohar Chowdhry &amp; Associates</b></td>
    <td style="width: 60%"><b>&nbsp;</b></td></tr>
  <tr style="vertical-align: top">
    <td>Manohar Chowdhry &amp; Associates</td>
    <td>&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td>Chennai, India</td>
    <td>&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td>July 15, 2025</td>
    <td>&nbsp;</td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>


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<DOCUMENT>
<TYPE>EX-FILING FEES
<SEQUENCE>4
<FILENAME>igcex-fee.htm
<DESCRIPTION>EXHIBIT 107
<TEXT>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><b>Exhibit 107</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><b>&nbsp;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Calculation of Filing Fee Table</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><u>Form S-3</u></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Form Type)</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><u>IGC Pharma, Inc.</u></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact Name of Registrant as Specified in its Charter)</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Newly Registered Securities</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="text-align: center; border-bottom: Black 1pt solid"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Security </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Type</b></p></td><td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="text-align: center; border-bottom: Black 1pt solid"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Title of Each Class of </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Securities to be<br /> Registered</b></p></td><td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="text-align: center; border-bottom: Black 1pt solid"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Fee </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Calculation </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Rule</b></p></td><td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Amount </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>to be </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Registered(1)</b></p></td><td style="padding-bottom: 1pt">&nbsp;</td><td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Proposed Maximum </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Offering Price Per Share(2)</b></p></td><td style="padding-bottom: 1pt">&nbsp;</td><td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Maximum Aggregate </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Offering Price</b></p></td><td style="padding-bottom: 1pt">&nbsp;</td><td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Fee Rate</td><td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Amount of </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Registration Fee(2)</b></p></td><td style="padding-bottom: 1pt">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="vertical-align: top; width: 9%; text-align: center; padding-left: 0.4pt">Equity</td><td style="width: 1%">&nbsp;</td>
    <td style="width: 17%; text-align: center; padding-left: 0.4pt">Common Stock, par value $0.01</td><td style="width: 1%">&nbsp;</td>
    <td style="white-space: nowrap; width: 12%; text-align: center; padding-left: 0.4pt">Rule 457(c) and (h)</td><td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">&nbsp;</td><td style="width: 9%; text-align: right">4,744,326</td><td style="width: 1%; text-align: left">&nbsp;</td><td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">0.38</td><td style="width: 1%; text-align: left">&nbsp;</td><td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">1,802,843.88</td><td style="width: 1%; text-align: left">&nbsp;</td><td style="width: 1%">&nbsp;</td>
    <td style="width: 11%; text-align: center; padding-left: 0.4pt">$153.10 per $1,000,000</td><td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">&nbsp;</td><td style="width: 9%; text-align: right">&nbsp;</td><td style="width: 1%; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td colspan="8" style="font-weight: bold; text-align: center; padding-left: 0.4pt">Total Offering Amounts</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">$</td><td style="text-align: right">1,802,843.88</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="padding-left: 0.4pt">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">$</td><td style="text-align: right">276.02</td><td style="text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td colspan="8" style="font-weight: bold; text-align: center; padding-left: 0.4pt">Total Fee Offsets</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="padding-left: 0.4pt">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">$</td><td style="text-align: right">0</td><td style="text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td colspan="8" style="font-weight: bold; text-align: center; padding-left: 0.4pt">Net Fee Due</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="padding-left: 0.4pt">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">$</td><td style="text-align: right">276.02</td><td style="text-align: left">&nbsp;</td></tr>
  </table>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.25in; padding: 0.25pt; font-size: 10pt"><font style="font-size: 10pt">1.</font></td>
    <td style="padding: 0.25pt; font-size: 10pt; text-align: justify"><font style="font-size: 10pt">There are being registered under this registration statement an indeterminate number of shares of common stock as may be sold by the registrant from time to time, which together shall have an aggregate initial offering price not to exceed $1,802,843.88. Any securities registered hereunder may be sold separately or as units with other securities registered hereunder. The securities registered hereunder also include such indeterminate number of shares of common stock and warrants as may be issued upon the exercise of warrants or pursuant to the anti-dilution provisions of any such securities. In addition, pursuant to Rule 416 under the Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;), the shares being registered hereunder include such indeterminate number of shares of common stock as may be issuable with respect to the shares being registered hereunder as a result of stock splits, stock dividends or similar transactions.</font></td></tr>
  <tr style="vertical-align: top">
    <td style="padding: 0.25pt; font-size: 10pt">&nbsp;</td>
    <td style="padding: 0.25pt; font-size: 10pt; text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td style="padding: 0.25pt; font-size: 10pt"><font style="font-size: 10pt">2.</font></td>
    <td style="padding: 0.25pt; font-size: 10pt; text-align: justify"><font style="font-size: 10pt">The offering&nbsp;price per share and the aggregate offering price are based upon the average of the high and low prices of the Registrant&rsquo;s common stock ($0.38) as reported on the NYSE American on July 11, 2025, which is within five business days of July 16, 2025.</font></td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
