Spacenet Enterprises India Limited, Yaralagadda Venkat Subba Rao, Lanka Divyabharathi, and Pendurthi Annapurna are the members of the Promoter Group (the 'Sellers') of String Metaverse ....
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On the reaction day the stock moved 5.5 pts less than Nifty Microcap 250 and 4.5 pts less than its IT Enabled Services peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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The Promoter Group of String Metaverse Limited — Spacenet Enterprises India Limited, Yaralagadda Venkat Subba Rao, Lanka Divyabharathi, and Pendurthi Annapurna — propose to sell up to 38,10,000 equity shares (face value ₹10 each), representing 3.27% of the company's total paid-up equity share capital, through the stock exchange OFS mechanism. The floor price has been fixed at ₹66 per share with no retail discount. The offer is scheduled for April 21, 2026 (T-day, non-retail investors) and April 22, 2026 (T+1 day, retail investors), with Progressive Share Brokers acting as the sole broker and BSE as the designated stock exchange. The stated purpose is to achieve the minimum public shareholding requirement under Rule 19(2)(b) of the SCRR, 1957 and Regulation 38 of the SEBI LODR Regulations.
This is a promoter-led share sale aimed at meeting SEBI's minimum public shareholding norms, which can create near-term supply pressure on the stock. Investors should watch for demand at the ₹66 floor price during the two-day OFS window and any post-OFS price action, as compliance-driven promoter exits are generally viewed as routine rather than fundamentally negative.