String Metaverse Limited has received in-principle approval from BSE for a proposed preferential issue of equity shares to non-promoter investors. The approval was granted vide BSE letter reference number LOD/PREF/RB/FIP/948/2026-27 dated 14th October 2026 under Regulation 28(1) of the SEBI (LODR) Regulations, 2015.
The specific details of the preferential issue are:
- Number of shares: 8,32,03,383 equity shares
- Face value: Re. 1/- each
- Issue price: Not less than ₹8.85 per share
- Allottees: Non-promoter investors
- Minimum total issue size: ₹73.64 crore (8,32,03,383 shares × ₹8.85)
The approval is conditional and requires the company to:
- Ensure the issue and allotment strictly complies with the Companies Act, 2013, Securities Contracts (Regulation) Act, 1956, SEBI Act, 1992, Depositories Act, 1996, SEBI ICDR Regulations, 2018, and SEBI LODR Regulations, 2015
- Obtain all necessary statutory and other approvals
- Strengthen internal controls to monitor trades by proposed allottees in the company's scrip
- Obtain undertakings from allottees confirming they will not engage in intra-day trading or any sale in the company's scrip until the allotment date
- Verify compliance with Regulation 167(6) of SEBI ICDR regulations, 2018
Post-allotment requirements include:
- Making a listing application without delay with applicable fees under Regulation 14 of LODR Regulations
- Submitting the listing application within twenty days from the date of allotment as per Schedule XIX - Para (2) of ICDR Regulations and SEBI circular dated June 21, 2023
- Completing all post-issue formalities
The exchange reserves the right to withdraw this in-principle approval if submitted information is found incomplete, incorrect, misleading, false, or if it contravenes any rules, regulations, or guidelines.
The company's registered office is located at Sy.No 66/2, Street No.03, 2nd floor, Rai Durgam, Prashanth Hills, Nav Khalsa, Gachi Bowli, Dargah Hussain Shahwali, Golconda, Hyderabad-500008, Telangana, India. CIN: L62099TG1994PLC017207.