String Metaverse Completes Oversubscribed OFS, Eyes Bonus Shares

String Metaverse Ltd has successfully concluded its Offer for Sale (OFS), which saw a robust 495% subscription from retail investors on April 22, 2026. The company expects this strong participation to help it meet its Minimum Public Shareholding (MPS) requirements.

The OFS recorded strong interest across investor categories, with retail investors subscribing 495% of their allocation and non-retail investors subscribing 149% by April 22, 2026.

Bonus Shares on the Agenda

Looking ahead, the company's board is scheduled to meet on April 29, 2026, to consider a proposal for issuing bonus equity shares. Such an issuance could reward shareholders and potentially boost market liquidity.

Regulatory Compliance

Meeting MPS norms is a critical step for String Metaverse, ensuring regulatory compliance and maintaining its listing on stock exchanges.

Company Background and Transformation

String Metaverse, formerly Bio Green Papers Ltd, has undergone a significant transformation, shifting its focus from paper manufacturing to Web 3.0, gaming, and fintech solutions. The company has been actively working towards MPS compliance. Previous disclosures in January 2026 also highlighted plans for an OFS to achieve this goal. Promoters, including Spacenet Enterprises India Ltd., have divested stakes to increase public shareholding. In a related development, String Metaverse recently completed a stock split, reducing its face value from ₹10 to ₹1, effective April 24, 2026.

Past Regulatory Issues

However, the company has also faced regulatory challenges. In March 2026, SEBI reported insider trading violations, resulting in a penalty payment.

Outlook for Investors

Any proposed bonus share issuance will require statutory and regulatory approvals, which could lead to delays or prevent implementation. Despite the recent OFS, public shareholding might still fall short of the mandatory 25% threshold, potentially requiring further compliance efforts. The past SEBI insider trading penalty serves as a reminder of ongoing governance oversight considerations. Investors will be monitoring the board meeting outcome on April 29, 2026, for decisions on the bonus share proposal, alongside any further steps the company takes to maintain its required public shareholding levels. Continued progress in its new technology-focused business segments will also be key.