String Metaverse issues EGM notice for ₹73.63 crore preferential issue
- String Metaverse issues EGM notice for October 15, 2026, to approve ₹73.63 crore preferential issue
- Issue price set at ₹8.85 per share, based on 10-day VWAP of ₹8.84
- ₹30 crore allocated to working capital, ₹12 crore to strategic tech investments
- Altius Global Finance Private Limited is the largest allottee with 5.42 crore shares
*this image is generated using AI for illustrative purposes only.
String Metaverse has released the formal notice for its Extra-Ordinary General Meeting (EGM) scheduled for October 15, 2026, seeking shareholder approval for a ₹73.63 crore preferential issue of equity shares.
The Board of Directors approved the proposal during its meeting held on September 17, 2026. The allotment involves issuing 8,32,03,383 fully paid-up equity shares of face value ₹1 each to 21 identified investors through private placement. The securities premium is set at ₹7.85 per share. The relevant date for price determination was fixed as September 15, 2026.
Fund Utilization Plan
The company disclosed a detailed breakdown of how the proceeds will be deployed. A significant portion, ₹30.00 crore, is allocated towards working capital and business expansion, including technology initiatives in Artificial Intelligence and AI Agent Swarms. Another ₹12.00 crore is earmarked for strategic investments in emerging technologies such as Web 3.0, fintech, and data centers.
| Object | Allocation (₹ Crore) | % of Gross Proceeds |
|---|---|---|
| Working Capital and Business Expansion | 30.00 | 40.74% |
| Strategic Investments in Emerging Technologies | 12.00 | 16.30% |
| Pre-operative and Project Development | 10.00 | 13.58% |
| Investment in Overseas Subsidiaries | 10.00 | 13.58% |
| General Corporate Purposes | 11.63 | 15.80% |
| Total | 73.63 | 100.00% |
The funds will also support pre-operative expenditure for proposed projects, including a 100 MW solar-wind power project and a 10 MW data center project. Additionally, ₹10.00 crore is designated for investments in overseas subsidiaries to support international operations.
Allotment Details and Pricing
The issue price of ₹8.85 per share was determined based on the higher of the 90-day VWAP (₹7.40) or the 10-day VWAP (₹8.84) preceding the relevant date, ensuring compliance with SEBI ICDR Regulations. The transaction is subject to shareholder approval and requisite regulatory consents from BSE Limited.
Investor Participation
The proposed allottees include a mix of corporate entities and individual investors. Altius Global Finance Private Limited is the largest single allottee, receiving 54,237,288 shares. Other significant participants include Hello Money Advisors LLP and Kamal Jagdish Gupta.
| Name of Proposed Investor | Category | Shares Proposed | Post-Issue Holding |
|---|---|---|---|
| Altius Global Finance Private Limited | Non-Promoter | 54,237,288 | 54,237,288 |
| Kamal Jagdish Gupta | Non-Promoter | 5,000,000 | 5,000,000 |
| Sonal Kamal Gupta | Non-Promoter | 5,000,000 | 5,000,000 |
| Hello Money Advisors LLP | Non-Promoter | 4,039,548 | 4,039,548 |
| Palatla Bharath Kumar | Non-Promoter | 3,000,000 | 3,000,000 |
| R R Food Import LLP | Non-Promoter | 2,909,604 | 2,909,604 |
| Others (15 investors) | Non-Promoter | 1,753,535 | 1,753,535 |
| Total | 8,32,03,383 | 8,33,31,716 |
Voting Schedule and Compliance
The company has fixed October 8, 2026 as the cut-off date for determining voting eligibility. Remote e-voting will commence on October 10, 2026, at 9:00 am and conclude on October 14, 2026, at 5:00 pm. The EGM will be held via video conferencing on October 15, 2026, at 11:30 am.
M/s. Balaramakrishna & Associates has been appointed as the scrutinizer for the remote e-voting process. The disclosure was made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. M. Chowda Reddy, Company Secretary & Compliance Officer, signed the notice.
Historical Stock Returns for String Metaverse
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| +1.24% | -6.75% | -18.30% | -25.61% | -64.26% | 0.0% |
How will the shift from Bio-Green Papers' traditional paper manufacturing to AI and Web 3.0 initiatives impact its long-term operational viability and core business identity?
What specific regulatory or market risks could arise from the significant dilution of existing shareholder equity resulting from the issuance of over 8.3 crore new shares?
Given the diverse backgrounds of the allottees, such as Altius Global Finance and Hello Money Advisors, what strategic synergies or potential conflicts of interest might emerge post-allotment?
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