iStreet Network Limited Receives Open Offer from New Acquirers

Mumbai, India — January 27, 2025: iStreet Network Limited (ISNL), a publicly listed entity, has received an open offer from two individual acquirers, Mr. Uttam Ishwarlal Dave and Mr. Yash Pankaj Kumar Maheshwari, to purchase up to 26% of its fully diluted equity share capital. The acquirers have filed the draft Letter of Offer (DLOF) under the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.

Key Details of the Open Offer:​

1. Offer Size and Price:
   • The acquirers propose to purchase 55,38,000 fully paid-up equity shares, representing 26% of ISNL’s total share capital.
   • The offer price is set at ₹3.60 per share, aggregating to ₹1.99 crore, payable in cash.
2. Triggering Event:
   • The offer was triggered by a Share Purchase Agreement (SPA) executed on January 13, 2025, through which the acquirers will buy 85,00,000 shares, amounting to 39.91% of ISNL’s share capital, from the current promoters and a promoter group entity.
3. Current Promoter Exit:
   • Key shareholders, including Mr. Pradeep Malu and Inovent Solutions Limited, will exit their stakes as part of the transaction.
4. Timelines:
   • Public announcement of the offer was made on January 13, 2025.
   • The tendering period for shareholders is scheduled from March 5 to March 18, 2025.

Acquirers’ Background:​

• Uttam Ishwarlal Dave: A veteran with over 30 years of experience in global technology ventures and partnerships.
• Yash Maheshwari: A commerce graduate and CFA Level 1 candidate representing the younger generation in strategic acquisitions.

Strategic Intent:​

The acquisition aims to give the acquirers management control and a substantial stake in ISNL. The incoming promoters have expressed plans to explore diversification opportunities while adhering to regulatory requirements, including maintaining a minimum public shareholding of 25% per SEBI guidelines.

Target Company Overview:​

• Incorporated: 1986.
• Business: Engaged in trading, marketing, and consultancy services.
• Financials: ISNL reported a net loss of ₹7 lahks for the half year ending September 2024, with total assets of ₹24.11 lakh.

Implications for Shareholders:​

ISNL shareholders can tender their shares during the offer period to benefit from the cash buyback. However, investor sentiment remains cautious with a marginal offer price and the company’s financial challenges.
This move will bring fresh leadership and strategic direction to iStreet Network Limited. Investors are advised to monitor regulatory developments and market conditions for further acquisition and open offer updates.