String Metaverse raises $1.56M in first tranche of preferential issue
What's the deal? String MetaverseDealroom has a profile for this one. Try Dealroom → has allotted 1,67,57,058 equity shares at US$0.12 each, raising US$2.01M in a preferential issue completed on October 30, 2026. All 14 allottees were non-promoters, with Kamal Jagdish Gupta and Sonal Kamal Gupta each taking 50 lakh shares.
The details: Each share carried a face value of US$0.01 and a securities premium of US$0.11. The allotment lifts String's paid-up equity capital to US$16.8M from US$16.6M. The remaining 12 allottees hold between 1,58,192 and 16,94,915 shares each.
Why now? The tranche follows a sequence of approvals: board sign-off on September 17, 2026, BSEDealroom has a profile for this one. Try Dealroom → in-principle approval on October 14, and a shareholder special resolution on October 15.
What's the endgame? This is a partial completion, not the full raise. Shareholders in October authorised up to 8,32,03,383 shares at the same US$0.12 price — roughly US$10M. String said the broader proceeds were intended for working capital, strategic investments, overseas activity, and other corporate purposes.
The US$0.12 price was set at the higher of the 90-day volume-weighted average of US$0.1 and the 10-day average of US$0.12 ahead of the September 15 relevant date. The issue was conducted under Chapter V of SEBI's capital-raising rules. String Metaverse, formerly Bio Green Papers LimitedDealroom has a profile for this one. Try Dealroom →, now operates in IT services.
What could go wrong? This tranche is roughly one-fifth of the approved issue, and the new shares make up about 1.37% of post-allotment equity — a modest increase. Whether the raise matters hinges on String completing the remaining shares and showing how the funds support its stated plans.
The signal: A small, non-promoter-backed tranche from a repositioned company signals intent more than scale. The real test is execution on the fuller US$10M mandate.
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