Annual Report for the Financial year 2024-25
Price
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iStreet Network Ltd has submitted its Integrated Annual Report for FY 2024-25 along with the 38th AGM notice. The AGM will be held on September 26, 2025 via video conferencing. Key proposals on the AGM agenda include: (a) altering the Object Clause of the Memorandum of Association to expand into AI, Machine Learning, Cybersecurity, SecOps, AIOps and GRC services across sectors like Banking, Insurance, Healthcare and Defence; (b) increasing the Authorised Share Capital from Rs. 20 crore to Rs. 80 crore (a 4x jump); and (c) two preferential issues — 4.88 crore equity shares at Rs. 6 each (raising about Rs. 29.3 crore) and 9.6 crore convertible warrants at Rs. 6 each (raising about Rs. 57.6 crore), aggregating roughly Rs. 87 crore. Several director appointments and reappointments are also on the agenda.
Existing shareholders face significant potential equity dilution if both preferential issues are fully subscribed, as up to ~14.5 crore new shares/warrants could be issued. The company is clearly pivoting its business focus toward AI and cybersecurity solutions, and the capital raise is likely aimed at funding this new direction. Shareholders should review the price (Rs. 6 vs face value Rs. 4) and dilution impact carefully before voting at the AGM on September 26, 2025.