Notice of the Extraordinary General Meeting of the Company to be held on January 09, 2026
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Awaiting price reaction for this filing.
iStreet Network has called an EGM on January 9, 2026 via video conferencing to seek shareholder approval on four key items. Item 1 is the reclassification of Mr. Pradeep Malu and his promoter group entities (holding 13,41,109 shares or 6.30% of paid-up capital) from the 'Promoter and Promoter Group' category to the 'Public' category, following their sale of 39.91% stake (85 lakh shares) to Mr. Yash Maheshwari and Mr. Uttam Ishwarlal Dave (the company's Chairman). Item 2 seeks approval for material related party transactions with M/s. Highlanders India, a ticketing and tour coordination firm where Mrs. Veena Dave — spouse of Chairman Mr. Uttam Dave — is a partner. Items 3 and 4 propose a share consolidation (reverse split) that increases face value from Rs. 4 to Rs. 10 per share (every 5 shares become 2 shares), along with a corresponding amendment to the Memorandum of Association to align authorised capital of Rs. 80 crore divided into 8 crore equity shares of Rs. 10 each.
This EGM signals a significant change in control — existing promoters have sold out to new management (Mr. Yash Maheshwari and Mr. Uttam Dave), shrinking promoter holding to just 6.30%. For shareholders, the 5:2 reverse split will reduce share count and may lift the per-share price proportionally but does not change overall value; fractional shares will be settled in cash at the closing price on the record date. The related party approval and change in ownership may reshape the company's strategic direction going forward.