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Awaiting price reaction for this filing.
String Metaverse Limited (formerly Bio Green Papers Limited) is seeking shareholder approval via postal ballot for a bonus share issue exclusively to public shareholders. The company needs to comply with SEBI's Minimum Public Shareholding (MPS) requirement of 25%. Currently, public shareholding stands at 21.48%, creating a shortfall of 3.52%. The company proposes to capitalize up to INR 5.55 crore from Free Reserves and Securities Premium Account to issue up to 5.55 crore bonus equity shares of Re. 1 each in the ratio of 2:9 (2 bonus shares for every 9 shares held by public shareholders). Promoter and Promoter Group shareholders are expressly excluded from this bonus issue and have waived their entitlement. E-voting period runs from May 6, 2026 to June 4, 2026.
This bonus issue is a regulatory compliance exercise to bring public shareholding above the mandatory 25% threshold. Public shareholders will receive additional shares at no cost, while promoter shareholders will not benefit. Successful passage ensures the company avoids potential delisting risks under SEBI regulations.