Spacenet Enterprises India Limited has informed the Exchange about General Updates regarding approval to participate in OFS of String Metaverse Limited.
SPCENET · price
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Spacenet Enterprises India Limited's Management Committee, at its meeting on April 20, 2026, approved participating in an Offer for Sale of equity shares of String Metaverse Limited (SML), in which Spacenet is part of the promoter group. Spacenet will sell up to 30,00,000 equity shares (face value Rs. 10) of SML, representing 2.58% of SML's total issued equity share capital. The total OFS by all four promoter group sellers (Spacenet along with three individuals) is up to 38,10,000 shares or 3.27% of SML, with a floor price of Rs. 66 per share. The OFS will be conducted through the BSE stock exchange mechanism on April 21-22, 2026. The purpose is to help SML achieve the minimum public shareholding requirement under SEBI and SCRR rules.
This is a routine promoter group share sale in another company (String Metaverse) to meet minimum public shareholding norms, not a transaction involving Spacenet's own business. The sale is small (2.58% stake in SML at a floor price of Rs. 66) and unlikely to materially impact Spacenet's shareholders or its stock price.