Open Offer by Acquirers to Buy 26% Stake in iStreet Network at Rs. 13.60 per Share

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Open Offer by Acquirers to Buy 26% Stake in iStreet Network at Rs. 13.60 per Share

Team Finance Saathi

21/Jan/2025

What's covered under the Article:

The open offer is for acquiring up to 55.38 lakh equity shares of iStreet Network at Rs. 13.60 each.
The offer complies with SEBI (SAST) Regulations for a 26% stake acquisition in iStreet Network.
Acquirers signed an agreement to buy 39.91% stake from selling shareholders for Rs. 3.60 per share.

On January 13, 2024, Mr. Uttam Ishwar Dave (Acquirer-1) and Mr. Yash Pankaj Kumar Maheshwari (Acquirer-2) triggered an open offer to acquire up to 55,38,000 equity shares of iStreet Network Limited (ISNL). This acquisition constitutes 26% of the fully paid-up equity shares and voting share capital of iStreet Network. The offer price for each share is set at Rs. 13.60, which was determined in compliance with the SEBI (SAST) Regulations (Securities and Exchange Board of India). The total amount payable for the offer is approximately Rs. 1,99,35,800.

The offer follows the execution of a Share Purchase Agreement (SPA) on January 13, 2024, where the Acquirers agreed to acquire 85,00,000 equity shares, representing 39.91% of the fully diluted voting share capital of iStreet Network from its selling shareholders, including Mr. Pradeep Malu (promoter) and Innovent Solutions Limited (Promoter Group). The agreed price for these shares is Rs. 3.60 per share, amounting to Rs. 3,05,00,000.

As required by the SEBI (SAST) Regulations, a Detailed Public Statement has been published on January 20, 2025 in prominent newspapers including Business Standard (both English and Hindi editions) and Mumbai Lakshadeep (Marathi edition). This statement provides essential details regarding the offer, including the timeline, terms, and process of the acquisition.

Why This Acquisition Matters: The open offer and subsequent share acquisition are significant for iStreet Network as the Acquirers plan to take control of a substantial portion of the company's voting shares. This move could have a significant impact on the company’s future direction, leadership, and strategy.

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Open Offer by Acquirers to Buy 26% Stake in iStreet Network at Rs. 13.60 per Share

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