iStreet Network Ltd — Updates, 01-01-1970: Company Update

Mr. Uttam Ishwar Dave and Mr. Yash Pankaj Kumar Maheshwari have triggered an open offer for the acquisition of up to 55,38,000 equity shares of iStreet Network Limited, representing 26% of its fully diluted voting share capital, at an offer price of ₹3.60 per share. The total consideration for this transaction amounts to approximately ₹1.99 crore. This offer follows a Share Purchase Agreement for the acquisition of 85,00,000 shares from existing shareholders at the same price, totaling ₹3.06 crore. The Independent Director Committee has stated that the offer price is fair and reasonable based on their evaluations.

This acquisition could deepen the acquirers’ stake in iStreet Network, potentially altering its governance and strategic direction. Investors might view this as a positive development, enhancing the company's growth prospects.