Newspaper advertisement for reasoned recommendation of Independent Director committee meeting in relation to the open offer of the company
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Awaiting price reaction for this filing.
iStreet Network Ltd has published the reasoned recommendations of its Committee of Independent Directors (IDC) regarding an open offer made by Mr. Uttam Ishwarlal Dave and Mr. Yash Maheshwari (the Acquirers). The offer is to acquire 55,38,000 equity shares (26% of fully diluted voting equity share capital) at Rs. 3.60 per share (face value Rs. 4). The IDC met on 11th April 2025 to formulate its recommendations, which were then published on 12th April 2025 in Business Standard (English and Hindi, all editions) and Mumbai Lakshadeep (Marathi, Mumbai edition). This filing is made in compliance with Regulation 26(7) of SEBI's Takeover Regulations, 2011.
Public shareholders can now review the IDC's formal recommendation to decide whether to accept or reject the open offer price of Rs. 3.60 per share. The offer price relative to market price and the IDC's reasoning will be key factors influencing shareholder decision-making.