String Metaverse Limited Issues Postal Ballot Notice for Bonus Share Issue to Meet MPS Compliance

String Metaverse Limited (formerly known as Bio Green Papers Limited), a Web3.0 enterprise headquartered in Hyderabad, has issued a Postal Ballot Notice under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, seeking shareholder approval for a Special Resolution to issue bonus equity shares exclusively to its public shareholders. The move is aimed at achieving compliance with the Minimum Public Shareholding (MPS) requirements prescribed under applicable securities laws. The notice was dispatched electronically to eligible shareholders on Tuesday, 05th May, 2026.

Bonus Issue Details and MPS Compliance Rationale

The company's public shareholding currently stands at 21.48%, which is below the minimum prescribed threshold of 25%, resulting in a shortfall of 3.52%. To address this regulatory gap, the Board of Directors, at its meeting held on 29th April, 2026, approved the capitalization of a sum not exceeding INR 5,55,88,884/- (Rupees Five Crore Fifty-Five Lakh Eighty-Eight Thousand Eight Hundred Eighty-Four only) from the Free Reserves and Securities Premium Account of the Company, based on unaudited financial statements as at 31st December, 2025.

The proposed bonus issue is structured in accordance with SEBI Circular No. SEBI/HO/CFD/PoD2/P/CIR/2023/18 dated February 03, 2023, which permits listed entities to issue bonus equity shares exclusively to public shareholders for the limited purpose of MPS compliance. Key parameters of the proposed bonus issue are summarised below:

Parameter: Details Bonus Issue Ratio: 02:09 — Two (2) fully paid-up equity shares of ₹1/- each for every Nine (9) existing fully paid-up equity shares of ₹1/- each held by public shareholders Maximum Shares to be Issued: Up to 5,55,88,884 equity shares of Re. 1/- each Amount to be Capitalised: Not exceeding INR 5,55,88,884/- Source of Capitalisation: Free Reserves and Securities Premium Account Basis of Financial Statements: Unaudited financial statements as at 31st December, 2025 Eligibility: Exclusively public shareholders; Promoter and Promoter Group shareholders shall not participate Current Public Shareholding: 21.48% MPS Shortfall: 3.52% Post-Issue Expected Public Shareholding: Above 25%

The equity shares to be allotted shall rank pari passu in all respects with the existing fully paid-up equity shares of the Company, including with respect to dividend and other corporate benefits, and shall be subject to the provisions of the Memorandum and Articles of Association of the Company.

E-Voting Schedule and Eligibility

Shareholders are required to exercise their votes exclusively through the remote e-voting facility provided by Central Depository Services (India) Limited (CDSL). No physical ballots will be collected, in line with prevailing MCA Circulars on the postal ballot process. The key dates governing the process are as follows:

Event: Date & Time Cut-off Date for Shareholder Eligibility: Friday, 01st May, 2026 Commencement of E-Voting: Wednesday, 06th May, 2026 at 09.00 A.M. (IST) Conclusion of E-Voting: Thursday, 04th June, 2026 at 05.00 P.M. (IST) Deemed Date of Passing of Resolution (if approved): Thursday, 04th June, 2026 at 05.00 P.M. (IST)

Only those members whose names appear in the Register of Members or the list of Beneficial Owners as on the cut-off date of Friday, 01st May, 2026 are entitled to vote. Voting rights are in proportion to each member's shareholding in the paid-up equity share capital of the Company as on that date.

Scrutinizer Appointment and Result Declaration

The Board of Directors appointed M/s. Balaramakrishna & Associates, Practicing Company Secretaries (FCS 8168 and CP No. 22414), Hyderabad, as the Scrutinizer to oversee the remote e-voting process in a fair and transparent manner. Upon completion of scrutiny, the Scrutinizer will submit the report to the Chairman of the Company or any person authorized by the Chairman. The results, along with the Scrutinizer's Report, will be communicated to BSE Limited (where the equity shares of the Company are listed), uploaded on the Company's website at www.stringmetaverse.com , and on the CDSL website at www.evotingindia.com .

Promoter Participation and Regulatory Framework

In accordance with the applicable SEBI Circular, the Promoter and Promoter Group shareholders shall not be eligible to participate in the bonus issue and have expressly forgone and waived their entitlement to such issuance of bonus equity shares. The issue and allotment of shares to Non-Resident Indians (NRIs), Persons of Indian Origin, Overseas Corporate Bodies, and other foreign investors shall be subject to the approval of the Reserve Bank of India and/or any other applicable regulatory authority. The Board of Directors recommends the Special Resolution set out at Item No. 01 of the Notice for approval of the Members. None of the Directors or Key Managerial Personnel of the Company or their respective relatives are, in any way, concerned or interested, financially or otherwise, in the proposed resolution, except to the extent of their respective shareholding, if any.

String Metaverse Limited has announced a groundbreaking corporate action following its Board of Directors' meeting held on April 29, 2026. The company has approved a unique 2:9 bonus equity shares issuance exclusively for public shareholders, with promoters and promoter group voluntarily waiving their participation rights. This strategic decision comes alongside the withdrawal of the company's Rights Issue application as it shifts focus toward achieving Minimum Public Shareholding (MPS) compliance through this innovative bonus structure.

Unique 2:9 Bonus Structure with Promoter Waiver

The Board has approved, in principle, the issuance of bonus equity shares in the ratio of 2:9, meaning two equity shares for every nine equity shares held. The distinctive feature of this proposal is the voluntary waiver by promoter and promoter group shareholders of their entitlement to participate in the bonus issue.

Parameter: Details Bonus Ratio: 2:9 (Two shares for every nine held) Beneficiaries: Public shareholders exclusively Promoter Participation: Voluntarily waived Regulatory Compliance: SEBI and BSE approvals required MPS Target: 25% compliance support

This structure represents a rare capital distribution approach in Indian markets, where bonus issues traditionally follow pro-rata distribution to all shareholders. The proposal reflects evolving dynamics within India's capital markets, including increasing retail investor participation and enhanced alignment between companies and public investors.

Strategic Shift from Rights Issue to Bonus Shares

The Board approved the withdrawal of the application submitted to BSE Limited for obtaining in-principle approval for the proposed Rights Issue, which was earlier contemplated for achieving MPS compliance. Managing Director Ganesh Meenavalli emphasized the strategic rationale, stating: "Capital markets are evolving, and so must the way value is shared. This proposal reflects our belief that public shareholders are not just participants, but partners in the Company's journey."

The company is implementing this approach in accordance with SEBI Circular No. SEBI/HO/CFD/PoD2/P/CIR/2023/18 dated February 03, 2023, ensuring strict compliance with applicable provisions of the Companies Act, 2013, and SEBI (LODR) Regulations.

Previous OFS Success and Market Response

Prior to this strategic shift, String Metaverse Limited had completed a substantial share disposal by its promoter group through the Offer for Sale (OFS) mechanism conducted from April 21, 2026 to April 22, 2026. The OFS demonstrated exceptional investor participation across categories:

Investor Category: Date Subscription Rate Non-Retail Investors: April 21, 2026 Approximately 149.00% Retail Investors: April 22, 2026 Approximately 495.00%

The overwhelming 495.00% subscription from retail investors reflected sustained confidence in the company's growth prospects in the Web3.0 and digital assets space. The OFS involved the sale of 38,10,000 equity shares representing 3.27% of the total issued and paid-up equity share capital.

Regulatory Framework and Implementation Timeline

The proposed bonus issue will be implemented subject to necessary approvals from shareholders, stock exchanges, and regulatory authorities. The company confirms strict compliance with applicable regulatory frameworks, including those prescribed by SEBI and BSE Limited. Further details regarding the record date, entitlement mechanics, and completion timeline will be communicated upon receipt of requisite approvals.

String Metaverse Limited, formerly known as Bio Green Papers Limited, operates as a Web3.0 enterprise with operations across Hong Kong, UAE, Singapore, and Canada. The company maintains its equity share capital of 11,64,32,311 shares with a face value of ₹10.00 per share, focusing on blockchain, artificial intelligence, and fintech-driven digital infrastructure within the evolving Web3 ecosystem.

Source: None/Company/INE958L01026/9b5ee1b9-1958-46f9-8f83-bffed20001cf.pdf

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