Corrigendum to the Notice of 38th Annual General Meeting of the Company scheduled to be held on September 26, 2025.
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iStreet Network has issued a corrigendum to the AGM notice dated September 1, 2025 (AGM scheduled for September 26, 2025), updating the list of allottees, the objects of the issue, and the shareholding pattern for two preferential issue resolutions (Item Nos. 14 & 15). Item 14 covers the issue of 4.88 crore equity shares to 53 allottees (2 promoters, 51 public) for ~Rs. 29.30 crore. Item 15 covers 9.60 crore convertible warrants to 81 allottees (2 promoters, 79 public) for ~Rs. 57.60 crore, taking the total raise to ~Rs. 86.90 crore. The revised use of funds is split across: AI Centre of Excellence infrastructure (Rs. 12 cr), talent & acquisition (Rs. 20.73 cr), regional expansion including Delhi, Bangalore, and Middle East (Rs. 19.23 cr), go-to-market & marketing (Rs. 6.84 cr), product support (Rs. 2 cr), and working capital (Rs. 26.10 cr). Promoter subscribers are Uttam Ishwarlal Dave and Yash Maheshwari. On a fully diluted basis, the total share count rises from 2.13 crore to 16.61 crore shares (~7.8x expansion); promoter holding drops from 46.24% to 36.37%, while the public share rises from 53.76% to 63.63%.
Existing shareholders will see substantial equity expansion (~7.8x) but the company is bringing in a large pool of new public investors, so public holding percentage actually rises while promoter stake dilutes. The success of this fundraise is critical to the company's stated pivot toward becoming an AI-led solutions business; the AGM vote on September 26 will determine if the plan proceeds.