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Prepared and filed by St Ives Financial
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<p align="center"><font size="2" face="serif"><b>UNITED STATES</b></font></p>
<p align="center"><font size="2" face="serif"><b>SECURITIES AND EXCHANGE COMMISSION</b></font></p>
<p align="center"><font size="2" face="serif"><b>WASHINGTON, D.C. 20549</b></font></p>
<p align="center"><font size="2" face="serif"><b>_______________________________</b></font></p>
<p align="center"><font size="2" face="serif"><b>FORM 8-K</b></font></p>
<p align="center"><font size="2" face="serif"><b>CURRENT REPORT<br>
</b></font><font size="2" face="serif"><b>PURSUANT TO SECTION 13 OR 15(d) OF THE<br>
</b></font><font size="2" face="serif"><b>SECURITIES EXCHANGE ACT OF 1934</b></font></p>
<p align="center"><font size="2" face="serif"><b>Date of report (Date of earliest event reported)  <u>March 30, 2006</u></b></font></p>
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<td align="center"><u><font size="4" face="serif"><b>Intelligroup, Inc.</b></font></u></td>
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  <td align="center"><font size="2" face="serif">(Exact Name of Registrant as
    Specified in Charter)</font></td>
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<td><u><font size="2" face="serif"><b>New Jersey</b></font></u></td>
<td width="34%"><u><font size="2" face="serif"><b>0-20943</b></font></u></td>
<td width="33%"><u><font size="2" face="serif"><b>11-2880025</b></font></u></td>
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<td><font size="2" face="serif">(State or Other Jurisdiction<br>of Incorporation)</font></td>
<td><font size="2" face="serif">(Commission File Number)</font></td>
<td><font size="2" face="serif">(IRS Employer Identification No.)</font></td>
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<td width="73%" align="left"><font size="2" face="serif"><b>499 Thornall Street</b></font><b><br>
    <font size="2" face="serif">Edison, New Jersey</font></b></td>
<td width="27%" align="center" valign="bottom"><font size="2" face="serif"><b>08837</b></font></td>
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<td align="left"><font size="2" face="serif">(Address of Principal Executive Offices)</font></td>
<td align="center"><font size="2" face="serif">(Zip Code)</font></td>
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<td align="center"><u><font size="2" face="serif"><b>(732) 590-1600</b></font></u></td>
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<tr valign="top" bgcolor="#FFFFFF">
<td align="center"><font size="2" face="serif">(Registrant&#8217;s telephone number,<br>
including area code)</font></td>
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<td align="center"><font size="2" face="serif">(Former Name or Former Address, if Changed Since Last Report)</font></td>
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<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<p align="left"><font size="2" face="serif"><b>Item 1.01 Entry into a Material Definitive Agreement.</b></font></p>
<p align="left"><font size="2" face="serif"><i>Common Stock Purchase Agreement.</i></font></p>
<p align="left"><font size="2" face="serif">On March 30, 2006, Intelligroup, Inc. (the &#8220;Company&#8221;) entered into a definitive common stock purchase agreement (the &#8220;Purchase Agreement&#8221;) with SB Asia Infrastructure Fund, L.P. (&#8220;SAIF&#8221;) and Venture Tech Assets, Ltd. (&#8220;Venture Tech&#8221;) (together, the &#8220;Purchasers&#8221;) pursuant to which the Purchasers agreed to acquire an aggregate of 6,666,667 shares of the Company&#8217;s common stock in a private placement at a purchase price of $1.50 per share for a total purchase price of $10,000,000.   As required by the Common Stock Purchase Agreement dated September 29, 2004 by and between the Company, SAIF and Venture Tech, as amended on March 21, 2005 (&#8220;Prior Purchase Agreement&#8221;),
    a committee of disinterested directors received an opinion from a financial
    advisor that the transaction was fair to the shareholders of the Company
    from a financial point of view and approved the private placement transaction
    before the Company entered into the Purchase Agreement. The agreement also
    provides that the Purchasers with certain rights including the right to board
    representation, the right to have their shares of common stock registered
    under the Securities Act of 1933, as amended, and the right to participate
    in future equity offerings and approval rights with respect to specified
    significant transactions, which are consistent with their rights under the
Prior Purchase Agreement.   </font></p>
<p align="left"><font size="2" face="serif"><b>Item 3.02  Unregistered Sale of Equity Securities.</b></font></p>
<p align="left"><font size="2" face="serif">On March 30, 2006, the Company entered
    into a definitive common stock purchase agreement (the &#8220;Purchase Agreement&#8221;)
    with SB Asia Infrastructure Fund, L.P. (&#8220;SAIF&#8221;) and Venture Tech
    Assets, Ltd. (&#8220;Venture Tech&#8221;) (together, the &#8220;Purchasers&#8221;)
    pursuant to which the Purchasers agreed to acquire an aggregate of 6,666,667
    shares of the Company&#8217;s common stock in a private placement at a purchase
    price of $1.50 per share for a total purchase price of $10,000,000. Following
    this private placement, SAIF owns approximately 36% of the Company&#8217;s
    outstanding common stock and Venture Tech owns approximately 26% of the Company&#8217;s
    outstanding common stock. The private placement was made in reliance on Section
    4(2) of the Securities Act of 1933, as amended (the &#8220;Securities Act&#8221;).
    The shares were offered by the Company without general solicitation, and
    each of the Purchasers has represented to the Company that it is an &#8220;accredited
    investor&#8221; as defined in Rule 501(a) under the Securities Act and that
    it was acquiring the shares for investment purposes only, and not with a
    view to distribution. On March 31, 2006, the Company received the funds and
    the private placement transaction closed.</font></p>
<p align="left"><font size="2" face="serif"><b>Item 9.01 Exhibits.</b></font></p>
<p align="left"><font size="2" face="serif">10.1 &#150; Common Stock Purchase
    Agreement dated March 30, 2006 by and between Intelligroup, Inc., SB Asia
    Infrastructure Fund LP and Venture Tech Assets Pvt. Ltd.</font></p>
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<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<p align="left"><font size="2" face="serif"><u>SIGNATURES</u></font></p>
<p align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of Section&nbsp;13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</font></p>
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  <td width="40%">&nbsp;</td>
  <td align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;INTELLIGROUP, INC.</font></td>
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  <td>&nbsp;</td>
  <td align="left">&nbsp;</td>
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<td width="40%"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By: <u>/s/
    Vikram Gulati</u></font></td>
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  <td width="40%">&nbsp;</td>
  <td align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name:
    Vikram Gulati</font></td>
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  <td width="40%">&nbsp;</td>
  <td align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title:
    Chief Financial Officer</font></td>
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<p align="left"><font size="2" face="serif">Date:  April 5, 2006</font></p>
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Prepared and filed by St Ives Financial
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
_______________________________
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported)
March 30, 2006
Intelligroup, Inc.
(Exact Name of Registrant as
    Specified in Charter)
New Jersey
0-20943
11-2880025
(State or Other Jurisdiction
of Incorporation)
(Commission File Number)
(IRS Employer Identification No.)
499 Thornall Street
Edison, New Jersey
08837
(Address of Principal Executive Offices)
(Zip Code)
(732) 590-1600
(Registrant's telephone number,
including area code)
(Former Name or Former Address, if Changed Since Last Report)
Back to Contents
Item 1.01 Entry into a Material Definitive Agreement.
Common Stock Purchase Agreement.
On March 30, 2006, Intelligroup, Inc. (the "Company") entered into a definitive common stock purchase agreement (the "Purchase Agreement") with SB Asia Infrastructure Fund, L.P. ("SAIF") and Venture Tech Assets, Ltd. ("Venture Tech") (together, the "Purchasers") pursuant to which the Purchasers agreed to acquire an aggregate of 6,666,667 shares of the Company's common stock in a private placement at a purchase price of $1.50 per share for a total purchase price of $10,000,000.   As required by the Common Stock Purchase Agreement dated September 29, 2004 by and between the Company, SAIF and Venture Tech, as amended on March 21, 2005 ("Prior Purchase Agreement"),
    a committee of disinterested directors received an opinion from a financial
    advisor that the transaction was fair to the shareholders of the Company
    from a financial point of view and approved the private placement transaction
    before the Company entered into the Purchase Agreement. The agreement also
    provides that the Purchasers with certain rights including the right to board
    representation, the right to have their shares of common stock registered
    under the Securities Act of 1933, as amended, and the right to participate
    in future equity offerings and approval rights with respect to specified
    significant transactions, which are consistent with their rights under the
Prior Purchase Agreement.
Item 3.02  Unregistered Sale of Equity Securities.
On March 30, 2006, the Company entered
    into a definitive common stock purchase agreement (the "Purchase Agreement")
    with SB Asia Infrastructure Fund, L.P. ("SAIF") and Venture Tech
    Assets, Ltd. ("Venture Tech") (together, the "Purchasers")
    pursuant to which the Purchasers agreed to acquire an aggregate of 6,666,667
    shares of the Company's common stock in a private placement at a purchase
    price of $1.50 per share for a total purchase price of $10,000,000. Following
    this private placement, SAIF owns approximately 36% of the Company's
    outstanding common stock and Venture Tech owns approximately 26% of the Company's
    outstanding common stock. The private placement was made in reliance on Section
    4(2) of the Securities Act of 1933, as amended (the "Securities Act").
    The shares were offered by the Company without general solicitation, and
    each of the Purchasers has represented to the Company that it is an "accredited
    investor" as defined in Rule 501(a) under the Securities Act and that
    it was acquiring the shares for investment purposes only, and not with a
    view to distribution. On March 31, 2006, the Company received the funds and
    the private placement transaction closed.
Item 9.01 Exhibits.
10.1 – Common Stock Purchase
    Agreement dated March 30, 2006 by and between Intelligroup, Inc., SB Asia
    Infrastructure Fund LP and Venture Tech Assets Pvt. Ltd.
Back to Contents
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
INTELLIGROUP, INC.
By:
/s/
    Vikram Gulati
Name:
    Vikram Gulati
Title:
    Chief Financial Officer
Date:  April 5, 2006