Galactico Corporate Services Ltd ("Manager to the Open Offer") has submitted to BSE a copy of Recommendations of the Committee of Independent Directors ("IDC") of iStreet Network Ltd ('Target ....
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Galactico Corporate Services Ltd, the manager to the open offer, has submitted a copy of the Independent Director Committee (IDC) recommendations of iStreet Network Ltd, which were published in a newspaper on April 12, 2025. The open offer is for acquisition of up to 55,38,000 fully paid-up equity shares (face value Rs. 4) representing 26% of the voting share capital from public shareholders, at an offer price of Rs. 3.60 per share, aggregating to approximately Rs. 1.99 crore in cash. The offer was triggered by a Share Purchase Agreement dated January 13, 2024, under which acquirers Mr. Uttam Ishwar Dave and Mr. Yash Pankaj Kumar Maheshwari agreed to buy 85,00,000 shares (39.91%) from promoters Mr. Pradeep Malu and Inovent Solutions Ltd at Rs. 3.60 per share (Rs. 3.06 crore total). SEBI had provided its final comments on the Draft Letter of Offer on March 28, 2025.
This is a procedural regulatory disclosure required under the takeover code. Public shareholders should review the IDC recommendations to understand the board's view on the open offer price (Rs. 3.60) and the acquirers' plans before deciding whether to tender their shares. The filing itself does not change the offer terms but adds an important reference point for shareholder decision-making.