String Metaverse (formerly Bio Green Papers ) announced the successful closure of its Rights Issue, which was overwhelmingly oversubscribed by public investors. The Rights Issue was offered exclusively to public shareholders to assist the company in achieving the Minimum Public Shareholding (MPS) requirement.
Following the successful completion of the issue, the public shareholding in the company will increase to 19%.
A total of 94,71,445 shares were offered under the Rights Issue, with applications received for more than Rs 1.79 crore share, showcasing strong investor confidence and support. The company successfully raised Rs 49.25 crore through the issue. Rights Issue was oversubscribed up to Rs 100 crore, highlighting the robust demand from the public shareholders. In a significant development, the company has also received approval from the Ministry of Corporate Affairs for its name change from Bio Geen Papers to String Metaverse.
Subsequently, the company has applied to the BSE for updating its name in the stock exchange records.