Attached is the letter of offer issued by M/s. Galactico Corporate Services Limited (Manager to the offer)
Price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
iStreet Network Limited has submitted the Letter of Offer dated April 8, 2025 for a mandatory open offer to public shareholders. The offer was triggered by a Share Purchase Agreement signed on January 13, 2025, under which Mr. Uttam Ishwarlal Dave and Mr. Yash Pankaj Kumar Maheshwari (the Acquirers) agreed to buy 85 lakh equity shares (39.91% of voting capital) from existing promoters Pradeep Malu and Inovent Solutions Limited at Rs. 3.60 per share, totalling Rs. 3.06 crore. Following this underlying deal, the Acquirers are now making an open offer to public shareholders for up to 55.38 lakh shares (26% of voting capital) at the same price of Rs. 3.60 per share, aggregating to a maximum of Rs. 1.99 crore in cash. The deal will result in a change of control of the company. The tendering period is scheduled from April 21, 2025 to May 5, 2025. Galactico Corporate Services Limited is the Manager to the Offer.
Public shareholders can tender their shares at Rs. 3.60 per share during the April 21 – May 5, 2025 tendering window. The offer price is below the face value of Rs. 4 per share, signalling a low-value, small-cap takeover. Existing promoters are exiting and control will shift to the two individual Acquirers, who have indicated no immediate major changes to the business.