Description

BSE Notice 20260420-15 announcing an Offer for Sale (OFS) by promoter group of String Metaverse Limited for up to 38,10,000 equity shares at a floor price of Rs.66 per share on April 21-22, 2026.

Summary

BSE Notice 20260420-15 informs trading members and custodians of an Offer for Sale (OFS) by the promoter group of String Metaverse Limited. The sellers — Spacenet Enterprises India Limited, Yaralagadda Venkat Subba Rao, Lanka Divyabharathi, and Pendurthi Annapurna — propose to sell up to 38,10,000 equity shares (3.27% of total paid-up equity) at a floor price of Rs.66 per share through BSE’s designated OFS window on April 21–22, 2026.

Key Points

  • Sellers are promoter group entities/individuals of String Metaverse Limited
  • Up to 38,10,000 equity shares (face value Rs.10 each) on offer, representing 3.27% of total paid-up equity
  • Floor price set at Rs.66 per equity share
  • T Day (April 21, 2026): Open for Non-Retail Investors only
  • T+1 Day (April 22, 2026): Open for Retail Investors and Non-Retail Investors carrying forward un-allotted bids from T Day
  • OFS conducted through BSE’s separate designated window
  • Purpose of sale: achieving minimum public shareholding requirements

Regulatory Changes

No new regulatory changes introduced. The OFS is conducted under the existing framework referenced in prior SEBI circulars:

  • SEBI/HO/MRD/DOPI/CIR/P/2018/159 dated December 28, 2018 (Review of OFS mechanism)
  • SEBI/HO/MRD/MRD-PoD-3/P/CIR/2023/10 dated January 10, 2023 (Comprehensive OFS Framework)
  • SEBI/HO/MRD/MRD-PoD3/P/CIR/2024/82 dated June 14, 2024 (OFS to Employees Framework)

Compliance Requirements

  • Trading members and custodians must refer to BSE notice nos. 20190118-43, 20200701-27, 20230127-14, and 20240701-19 for revised OFS bidding guidelines
  • All market participants must adhere to the designated OFS window for bidding
  • Retail and non-retail investor participation must follow applicable SEBI OFS framework rules

Important Dates

  • April 20, 2026: Notice issued
  • April 21, 2026 (T Day): OFS open for Non-Retail Investors
  • April 22, 2026 (T+1 Day): OFS open for Retail Investors and Non-Retail Investors carrying forward un-allotted bids

Impact Assessment

This OFS is a routine promoter divestment to comply with SEBI’s minimum public shareholding norms. The offer size of 3.27% of paid-up capital at a floor price of Rs.66 per share has moderate market impact, primarily affecting investors interested in String Metaverse Limited. Retail investors can participate on T+1 Day, providing broader access. Trading members and custodians need to ensure client orders are routed through BSE’s designated OFS window within the stipulated schedule.

Impact Justification

OFS by promoter group to meet minimum public shareholding norms; affects trading members and retail/non-retail investors participating in the OFS window on BSE.