Synopsis: String Metaverse Limited (formerly Bio Green Papers Ltd) has scheduled a Board Meeting for April 29, 2026, to consider a bonus issue. The move follows a highly successful Offer for Sale (OFS) aimed at meeting regulatory shareholding requirements, which saw retail participation soar to nearly 500%.
On April 24, 2026, String Metaverse Limited (META) informed the BSE that its Board will meet on April 29 to evaluate a proposal for the issuance of bonus equity shares. This strategic move is designed to reward public shareholders while accelerating the company’s compliance with the Minimum Public Shareholding (MPS) requirement of 25%.
Currently, public shareholding stands at 21.48%. To bridge the remaining gap, the company has proposed an unconventional structure where promoters may forgo their entitlement to the bonus shares. By renouncing their portion, the promoters would effectively increase the proportionate ownership of public investors without the company having to sell more shares immediately.
The bonus proposal follows a successful divestment by the promoter group, led by Spacenet Enterprises India Ltd, between April 21 and April 22. The group divested 38,10,000 equity shares (3.27% of capital), reducing the total promoter stake from 81.79% to 78.52%. The market response was overwhelming; while institutional investors subscribed at 149%, retail investors subscribed at a massive 495%, signaling deep confidence in the company’s strategic shift toward metaverse technologies.
Reflecting the bullish sentiment surrounding the bonus news, the stock hit its upper circuit on April 24, 2026. Closing at ₹8.75, the share price gained 4.79%, significantly outperforming the broader Sensex, which declined by 1.29%. Trading activity remained concentrated, with a 100% delivery rate on over 52,000 shares traded, a typical characteristic for stocks in the “T” Group (Trade-to-Trade) segment.
Company Overview
String Metaverse Limited is a Hyderabad-based IT Enabled Services company. Formerly known as Bio Green Papers Limited, the entity has undergone a significant transformation, pivoting toward digital ecosystems and metaverse infrastructure. The company is currently focused on optimizing its capital structure and expanding its public investor base to meet SEBI’s long-term governance standards.
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