Intimation of Receipt of request received from promoter under Regulation 31A of SEBI (Listing Obligations and Disclosures Requirements) Regulations, 2015 for re-classification
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iStreet Network Ltd has received a request from promoter Pradeep Malu and his persons acting in concert (PAC) to reclassify their shareholding from 'Promoter/Promoter Group' to 'Public' category under SEBI Regulation 31A. The group, which earlier held 46.20% (98.41 lakh shares), sold 85 lakh shares (39.91%) to Mr. Yash Maheshwari and Mr. Uttam Ishwarlal Dave through Share Purchase Agreements dated January 13, 2025, executed between September and October 2025. Post-sale, their residual holding stands at just 6.30% (13.41 lakh shares), below the 10% threshold required for promoter classification. The five individuals seeking reclassification include Pradeep Malu (1.36%), Meenu Malu (1.95%), Lakshya Malu (1.03%), Manju Gang (1.02%), and Meethu Malu (0.94%). The reclassification requires approval from the Board of Directors and BSE.
Effective change of control at iStreet Network — the outgoing promoter group is stepping down to public shareholder status, while new buyers (Yash Maheshwari and Uttam Dave) have acquired a controlling stake of nearly 40%. Shareholders should expect significant shifts in governance, board composition, and potentially the company's strategic direction, though the reclassification itself is procedural once approved by BSE.