String Metaverse Limited has received in-principle approval from BSE for a preferential issue of 8,32,03,383 equity shares to non-promoter investors. The allotment is priced at not less than ₹8.85 per share, implying a total capital raise of approximately ₹73.5 crore.

The approval was granted under Regulation 28(1) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, via a letter dated October 14, 2026. The exchange clarified that this in-principle approval does not constitute listing approval for the securities.

Regulatory conditions and compliance

BSE advised the company to strengthen internal controls to monitor trades executed by proposed allottees before the allotment date. This measure aims to prevent non-compliance with Chapter V of SEBI (ICDR) Regulations regarding intra-day trading or sales prior to allotment.

Key compliance requirements include:

• Obtaining undertakings from allottees confirming no intra-day trading or sales in the scrip until the allotment date.
• Ensuring strict adherence to the Companies Act, 2013, and SEBI ICDR Regulations, 2018.
• Submitting a listing application within 20 days from the date of allotment, as per Schedule XIX of ICDR Regulations.

Deal structure details

The company must ensure that any non-compliance observed post-verification may impact the final listing of these shares. The exchange reserves the right to withdraw the in-principle approval if submitted information is found incomplete, incorrect, or misleading.

String Metaverse Ltd held its 32nd Annual General Meeting on September 25, 2026, via video conferencing. The meeting focused on adopting FY26 financials and approving significant capital actions including fund raising and asset disposals.

Key Agenda Items and Resolutions

The Board placed eight items of business before the members, comprising two ordinary resolutions and six special resolutions. The agenda included the adoption of audited financial statements for the financial year ended March 31, 2026, and the re-appointment of Mr. Meenavalli Krishna Mohan as a director.

Significant special business sought member approval for:

• Raising funds through one or more permissible modes.
• Borrowing monies in excess of limits and creating security on company assets under Sections 180(1)(C) and 180(1)(a) of the Companies Act, 2013.
• Providing loans, guarantees, or securities to persons in whom directors are interested under Section 185(2).
• Making investments, loans, guarantees, and providing securities under Section 186.
• Sale, lease, transfer, or other disposal of undertakings, assets, investments, or shareholding in subsidiary companies.
• Approval of material related party transactions.

Voting Results and Scrutinizer Report

The Consolidated Scrutinizer’s Report submitted to BSE on September 28, 2026, confirmed that all resolutions were duly passed with the requisite majority. Remote e-voting was conducted through Central Depository Services (India) Limited (CDSL) from September 20, 2026, to September 24, 2026. M/s. Balarama Krishna & Associates served as the Scrutinizer.

The voting results for the key special resolutions are summarized below:

Meeting Proceedings and Attendance

The meeting commenced at 11:30 am and concluded at 12:05 pm. Dr. Sethurathnam Ravi, Chairman of the Company, presided over the session. A total of 79 members participated in the meeting physically or via VC, while 171 members cast votes in total across remote and venue e-voting mechanisms. The requisite quorum was present as per Section 103 of the Companies Act, 2013.

The following directors and key managerial personnel attended the meeting:

Regulatory Compliance and Disclosures

The AGM was conducted in compliance with the Companies Act, 2013, and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The statutory registers and documents referred to in the notice were made available for inspection by members during the meeting. The company’s statutory auditors, Gorantla & Co, Chartered Accountants, were also present.

The Board’s Report, Statutory Auditors’ Reports, and Secretarial Audit Report for FY26 were circulated to members prior to the meeting and taken as read during the proceedings. No specific financial metrics such as revenue or profit figures were disclosed in the outcome summary provided.