String Metaverse Ltd's Oversubscribed Rights Issue Marks New Era

String Metaverse Ltd, a Web 3.0 tech leader in Mumbai, closed its oversubscribed Rights Issue successfully, raising ₹49.25 crore. The public's stake rises to 19%, with shares subscribed over ₹100 crore. The firm, formerly Bio green Papers Ltd, awaits BSE name update to String Metaverse Ltd.

Mumbai-based String Metaverse Ltd, a pioneering company in the Web 3.0 sector, announced the overwhelming success of its Rights Issue. Public investors showed immense support, subscribing beyond expectations and allowing the company to exceed its fundraising goals.

The Rights Issue was designed to increase the public shareholding to 19%, aligning with regulatory requirements. String Metaverse Ltd offered 94,71,445 shares but received applications for over ₹1.79 crore shares, raising ₹49.25 crore in the process. This oversubscription underlines robust investor confidence in the company's future.

In a move to better reflect its vision, the company, previously known as Bio green Papers Ltd, has obtained approval for its name change from the Ministry of Corporate Affairs. The update is now pending with the Bombay Stock Exchange. String Metaverse Ltd continues to focus on innovation and shareholder value in the evolving Web 3.0 landscape.

(With inputs from agencies.)