Galactico Corporate Services Ltd ("Manager to the Offer") has submitted to BSE a copy of Post Offer Advertisement under Regulation 18(12) of the Securities Exchange Board of India (Substantial ....
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Galactico Corporate Services Ltd, the Manager to the Offer, has submitted a copy of the Post-Offer Advertisement published on May 10, 2025, to BSE for the open offer on iStreet Network Limited (ISNL). The open offer was triggered by Mr. Uttam Ishwar Dave and Mr. Yash Pankaj Kumar Maheshwari under SEBI (SAST) Regulations 2011, following a Share Purchase Agreement signed on January 13, 2025. Under the offer, the acquirers are seeking to buy up to 55,38,000 equity shares (26% of voting capital) from public shareholders at Rs. 3.60 per share, totaling approximately Rs. 1.99 crore. Separately, through the SPA, the acquirers are purchasing 85,00,000 shares (39.91%) from promoter Mr. Pradeep Malu and Inovent Solutions Limited (Promoter Group) at the same price of Rs. 3.60 per share, for about Rs. 3.06 crore. SEBI had already issued its final observations on the draft letter of offer on March 28, 2025.
This filing confirms the final stage of a change-of-control transaction at iStreet Network, where the existing promoters are exiting and two new acquirers are taking over. Public shareholders now have a formal exit opportunity at Rs. 3.60 per share, and the open offer price serves as a floor reference for the stock. The acquisition implies a complete promoter change at the company.