Approval of Draft Letter of Offer (DLOF)

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AI summary

String Metaverse Limited (formerly Bio Green Papers Limited) has approved the Draft Letter of Offer for a proposed Rights Issue of equity shares. The Board of Directors approved the Rights Issue proposal at its meeting held on May 15, 2025. Subsequently, the Rights Issue Committee of the Board met on May 16, 2025 and approved the DLOF, which will now be submitted to BSE. The filing does not disclose the issue price, ratio, discount to market price, or record date at this stage. Shareholders and investors will need to wait for further details in the final Letter of Offer.

Likely market impact

This is an early procedural step in a potential equity dilution event. Existing shareholders may need to contribute additional capital if they wish to maintain their stake. Watch for the final Letter of Offer for terms like issue price, ratio, and record date to assess the actual dilution impact.