Corrigendum to the outcome of the Board Meeting held on September 01, 2025.
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Awaiting price reaction for this filing.
iStreet Network has issued a corrigendum correcting minor numerical errors in its earlier disclosure on a preferential allotment approved at the September 1, 2025 board meeting. The company is allotting 4,88,33,333 equity shares (face value ₹4) and 9,60,00,000 convertible warrants, both at ₹6 per unit (including a ₹2 premium), to a combined 137 allottees. The corrections involve small share-count errors in allocations to about 8 investors (e.g., 8,33,333 corrected to 8,33,334, 16,666 corrected to 16,667). Promoters Uttam Ishwarlal Dave and Yash Maheshwari each receive 2,29,50,000 warrants, with their post-issue holding expected to be 16.37% each (assuming full warrant conversion). Post-issue total shareholding of all allottees rises to roughly 92.30% of the expanded capital, indicating significant dilution for existing public shareholders.
This is a large preferential issue that will meaningfully dilute existing shareholders and significantly boost the promoters' economic interest in the company via warrants. Fresh capital infusion of around ₹87 crore (combining equity and warrant issue price) is expected, but the scale of dilution and concentration of warrants among a few allottees may weigh on the stock in the near term.