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String Metaverse Ltd's Board, at its meeting on April 29, 2026, approved the withdrawal of its earlier application to BSE seeking in-principle approval for a proposed Rights Issue of equity shares. The Rights Issue was originally being contemplated as a way to meet the Minimum Public Shareholding (MPS) requirements mandated by regulations. Instead, the Board has indicated that the company is now considering issuing Bonus Equity Shares to public shareholders as a preferred and more certain route for MPS compliance. Under the relevant SEBI circular (dated February 3, 2023), promoters and promoter group shareholders will forgo their bonus entitlement, which will help increase public shareholding. The company is a small-cap listed entity (BSE Scrip: 534535) and was previously known as Bio Green Papers Limited.
Existing shareholders are not being asked to put in additional money through a Rights Issue, removing any near-term dilution risk via fresh capital. However, the proposed bonus issue (where promoters give up their entitlement) will dilute existing promoter holdings and increase the public float, which could modestly improve liquidity and trading in the stock. The change in approach from Rights Issue to Bonus Issue may be seen as a more shareholder-friendly method of achieving regulatory compliance.