Spacenet Enterprises Completes OFS of String Metaverse Shares, Reduces Stake to 2.03%
Spacenet Enterprises India Limited has successfully completed the offer for sale of 30,00,000 equity shares representing 2.58% of String Metaverse Limited's total issued and paid-up equity share capital on April 21-22, 2026. The transaction, conducted through the stock exchange mechanism in accordance with SEBI Circular dated February 3, 2023, was undertaken to achieve minimum public shareholding requirements. Following the sale, Spacenet Enterprises' promoter group holding in String Metaverse has reduced from 4.61% to 2.03% of the paid-up equity share capital.
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Spacenet Enterprises India Limited has successfully completed the sale of equity shares in String Metaverse Limited through the offer for sale mechanism. The company, being a promoter group entity in String Metaverse Limited, sold 30,00,000 equity shares of face value Rs.10/- each on April 21 and 22, 2026, representing 2.58% of the total issued and paid-up equity share capital of String Metaverse Limited.
Transaction Details
The offer for sale was conducted through the stock exchange mechanism in accordance with SEBI Circular No. SEBI/HO/CFD/PoD2/P/CIR/2023/18 dated February 3, 2023. The transaction was undertaken to achieve the minimum public shareholding requirements as prescribed under Rule 19(2)(b) of the Securities Contracts (Regulation) Rules, 1957, and Regulation 38 of SEBI (LODR) Regulations, 2015.
| Parameter | Details |
|---|---|
| Sale Date | April 21-22, 2026 |
| Number of Shares Sold | 30,00,000 equity shares |
| Face Value per Share | Rs.10/- |
| Percentage of Total Capital | 2.58% |
| Transaction Method | Stock Exchange Mechanism |
Shareholding Impact
Following the completion of the offer for sale, the shareholding of Spacenet Enterprises India Limited as Promoter Group in String Metaverse Limited has reduced significantly. The promoter group holding now stands at 2.03% of the paid-up equity share capital, down from the previous 4.61%.
| Shareholding Details | Pre-Sale | Post-Sale |
|---|---|---|
| Promoter Group Holding | 4.61% | 2.03% |
| Shares Sold | - | 30,00,000 |
| Percentage Sold | - | 2.58% |
Regulatory Compliance
The transaction has been executed in compliance with SEBI regulations for achieving minimum public shareholding norms. The company has submitted the necessary documentation to the National Stock Exchange of India Limited, with the disclosure signed by Monish Jaiswal, Company Secretary and Compliance Officer of Spacenet Enterprises India Limited. The information was formally communicated to the exchange on April 24, 2026.
Will Spacenet Enterprises consider further reducing its stake in String Metaverse Limited below the current 2.03% holding?
How might this divestment impact Spacenet Enterprises' strategic focus and capital allocation in the metaverse sector?
What are the potential acquisition opportunities that Spacenet Enterprises might pursue with the proceeds from this share sale?
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