Penny Stock Rallies Amid 1:10 Stock Split, OFS, and Bonus Issue Announcements

String Metaverse Share Price Reaches 5% Upper Circuit for Fourth Straight Session

String Metaverse, a penny stock, continued its upward trend on Monday, hitting a 5% upper circuit for the fourth consecutive session. This surge comes after the company announced the completion of its offer-for-sale (OFS) and a proposal for a bonus issue of shares. Over the last four sessions, the company's share price has jumped 20.4%.

The company's recent developments include the successful completion of its OFS, which saw a strong and broad-based response from investors across various categories. Additionally, String Metaverse executed a stock split during the same period. Furthermore, the company's board of directors will consider a bonus issue of shares on April 29.

OFS Details

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String Metaverse's OFS was conducted over two trading days, with the Non-Retail Investors segment receiving approximately 149% subscription, and the Retail Investors portion receiving 495% subscription. Following the completion of the OFS, the company expects to be in compliance with the Minimum Public Shareholding (MPS) requirements as prescribed under applicable regulations.

Bonus Issue Proposal

The Board of Directors of String Metaverse is scheduled to meet on April 29, 2026, to consider a proposal for the issuance of bonus equity shares, subject to necessary approvals and applicable regulatory requirements. The proposed corporate action aims to reward public shareholders for their participation and continued support, enhance public shareholding and market liquidity, and align the company's ownership structure with its long-term growth and participation objectives.

Stock Split Details

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String Metaverse's stock split record date was April 24, 2026. Under the corporate action, the company subdivided one equity share of face value ₹10 each into ten equity shares of face value Re 1 each, fully paid-up. At 1:10 PM, String Metaverse's share price was still locked at 5% upper circuit of ₹9.15 apiece on the BSE.

Note: The subscription figures are approximate and based on the company's announcement.