String Metaverse Withdraws Rights Issue, Approves Bonus Shares for MPS Compliance

String Metaverse Limited has announced the withdrawal of its Rights Issue application following the Board of Directors' meeting held on April 29, 2026. The decision comes as the company shifts its strategy toward issuing Bonus Equity Shares to public shareholders as a preferred route for achieving compliance with Minimum Public Shareholding (MPS) requirements. The Board concluded that continuation of the Rights Issue process is no longer necessary in light of the new approach.

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. Instead, the company is now considering the issuance of Bonus Equity Shares to public shareholders in accordance with SEBI Circular No. SEBI/HO/CFD/PoD2/P/CIR/2023/18 dated February 03, 2023. Under this mechanism, promoters and promoter group shareholders will forgo their entitlement to the bonus shares.

Previous OFS Completion 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% Retail Investors April 22, 2026 Approximately 495%

The overwhelming 495% subscription from retail investors reflected sustained confidence in the company's growth prospects in the Web3.0 and digital assets space.

Promoter Group Share Disposal Details

The OFS involved the sale of 38,10,000 equity shares representing 3.27% of the total issued and paid-up equity share capital by multiple promoter group entities:

Promoter Group Entity Shares Sold Percentage Post-Sale Holdings Spacenet Enterprises India Limited 30,00,000 2.58% 23,66,666 shares (2.03%) Y. Venkata Subba Rao 5,00,000 0.43% 3,40,000 shares (0.29%) Lanka Divyabharathi 2,10,000 0.18% Nil Pendurthi Annapurna 1,00,000 0.09% 24,998 shares (0.02%) Total Disposal 38,10,000 3.27% -

Spacenet Enterprises India Limited, the largest seller, reduced its shareholding from 53,66,666 equity shares to 23,66,666 equity shares, while Lanka Divyabharathi completely divested her entire holding.

Company Profile and Regulatory Compliance

String Metaverse Limited, formerly known as Bio Green Papers Limited, operates as a Web3.0 enterprise incorporated under CIN L62099TG1994PLC017207. Headquartered in Hyderabad, Telangana, the company focuses on building scalable technology-driven platforms across global markets in the Web3, digital assets, and financial infrastructure space. The company maintains its equity share capital of 11,64,32,311 shares with a face value of ₹10/- per share, totaling ₹1,16,43,23,110.

String Metaverse Limited has informed BSE Limited about the allotment of a new International Securities Identification Number (ISIN) for its equity shares following the sub-division of shares. The company, formerly known as Bio Green Papers Limited, has subdivided its equity shares from a face value of ₹10 each to ₹1 each in accordance with SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

The new ISIN number INE958L01034 has been assigned to the sub-divided equity shares of String Metaverse Limited. This new identification number will become effective for all trading activities conducted on and from 24 April 2026. The announcement serves as a continuation of the company's earlier disclosures regarding the share split process.

Key Details of the Share Sub-Division

Company Name & Scrip Code New ISIN No. Remarks String Metaverse Limited (534535) INE958L01034 Sub-Division of Equity Shares from ₹10 each to ₹1 each

The BSE notice, numbered 20260420-6 and dated 20 April 2026, categorizes this corporate action under the Equity segment. The exchange has informed trading members about the new ISIN assignment, which will be operational from the ex-date of 24 April 2026. The notice reference DR-617/2026-2027 has been recorded for this corporate action.

String Metaverse Limited, with scrip code 534535, is headquartered in Hyderabad, Telangana. The company's registered office is located at Sy.No 66/2, Street No.03, 2nd floor, Rai Durgam, Prashanth Hills, Nav Khalsa, Gachi Bowli, Hyderabad. The communication was signed by M. Chowda Reddy, Company Secretary & Compliance Officer of the company.

Notice Information

Particulars Details Notice No. 20260420-6 Notice Date 20 Apr 2026 Category Corporate Actions Segment Equity Department Listing Operations

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