Galactico Corporate Services Ltd ("Manager to the Open Offer") has submitted to BSE a copy of Letter of Offer to the Eligible Shareholder(s) of iStreet Network Ltd ('Target Company').
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Mr. Uttam Ishwar Dave and Mr. Yash Pankaj Kumar Maheshwari (collectively the Acquirers) have triggered a mandatory Open Offer for iStreet Network Ltd pursuant to SEBI Takeover Regulations. The Acquirers will buy up to 55,38,000 equity shares (26% of voting capital) from public shareholders at Rs. 3.60 per share, aggregating to Rs. 1.99 crore. This follows a Share Purchase Agreement dated January 13, 2025, under which the Acquirers will acquire 85,00,000 shares (39.91%) from existing promoters Pradeep Malu and Inovent Solutions Limited at the same Rs. 3.60 price (Rs. 3.06 crore deal), resulting in a change of control. SEBI provided its final observations on the draft offer on March 28, 2025, and the Letter of Offer dated April 8, 2025 has now been filed with BSE. The tendering period is scheduled from April 21, 2025 to May 5, 2025.
Existing promoters (Pradeep Malu and Inovent Solutions Limited) are exiting via a 39.91% block deal at Rs. 3.60/share, handing control to the Acquirers. Public shareholders can tender shares at the same Rs. 3.60 offer price during the April 21–May 5 window. The transaction will push public shareholding below the mandatory 25% threshold, requiring the Acquirers to restore minimum public shareholding within the prescribed timeframe.