String Metaverse Ltd (BSE: 534535 | Symbol: BGPL) Rights Issue Overwhelmingly Oversubscribed, Raises ?49.25 Crore

Mumbai (Maharashtra) [India], April 29: String Metaverse Ltd, a leading Web 3.0 technology company listed on the Bombay Stock Exchange (BSE Symbol: BGPL, Code: 534535), is pleased to announce 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 ?1.79 crore shares, showcasing strong investor confidence and support. The company successfully raised ?49.25 crore through the issue. The Rights Issue was oversubscribed up to ?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 green Papers Ltd to String Metaverse Ltd.

Subsequently, the company has applied to the BSE for updating its name in the stock exchange records.

String Metaverse Ltd remains committed to creating long-term value for its shareholders and spearheading innovation in the Web 3.0 space.

For media queries, please contact: Name : M. Chowda Reddy Designation: Company Secretary & Compliance Officer Email: [email protected] Phone: +91-40-29390760 Website: http://www.stringmetaverse.com (Disclaimer: The above press release comes to you under an arrangement with PNN and PTI takes no editorial responsibility for the same.). PTI PWR PWR

Source: PTI