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Awaiting price reaction for this filing.
String Metaverse Ltd (formerly Bio Green Papers Limited, name change pending MCA approval) has published a newspaper advertisement regarding its Rights Issue. The company is issuing up to 9,47,14,545 fully paid-up equity shares of ₹10 face value at an issue price of ₹52 per share (including ₹42 premium), aggregating up to ₹4,925.5 lakhs. The ratio is 5 Rights Equity Shares for every 1 fully paid-up Equity Share held on the record date. The issue opens on April 21, 2025 and closes on April 28, 2025, with renunciation allowed until April 22, 2025. Applications must be made through the ASBA facility, and MUFG Intime India is the Registrar while YES Bank is the Allotment and Refund Banker.
Eligible shareholders as on the record date will receive rights entitlements to buy additional shares at ₹52 each. The 5:1 ratio means significant equity dilution for non-participating shareholders, while participating shareholders can increase their stake at a fixed price. Shareholders must act by April 28, 2025 or consider on-market renunciation by April 22, 2025.