String Metaverse approves 2:9 bonus issue for public shareholders
String Metaverse Ltd's Board of Directors, at its meeting on April 29, 2026, approved and recommended a bonus issue of equity shares exclusively to public shareholders. The bonus will be issued in the ratio of 02:09 (Two bonus shares for every Nine existing shares) of ₹1/- each, by capitalizing free reserves and securities premium. This move aims to achieve compliance with Minimum Public Shareholding (MPS) requirements, with promoters and promoter group shareholders forgoing their entitlement. Consequently, the Board also approved the withdrawal of the previously contemplated Rights Issue application, which was also for MPS compliance. A postal ballot will be conducted for shareholder approval, and a scrutinizer has been appointed.
Key Highlights
- Board approved 2:9 bonus shares for public shareholders.
- Bonus issue aims for Minimum Public Shareholding compliance.
- Promoters will forgo their bonus share entitlement.
- Company withdrew its earlier proposed Rights Issue application.
- Postal Ballot approved for shareholder approval of bonus issue.