String Metaverse Limited, formerly known as Bio Green Papers Limited, has announced the sale of its entire shareholding in its subsidiary String AI IFSC Private Limited to US-based Axill LLC for ₹1.84 crore. The transaction, which involved 1,38,83,568 equity shares, was completed on September 11, 2025, and marks a strategic step in the company’s efforts to streamline operations and concentrate on its core business areas.
Transaction Details
The divestment transferred full ownership of String AI IFSC to Axill LLC, a Delaware-based company headquartered at 651 N Broad St, Suite 201, Middletown, Delaware 19709, USA. Following the completion of this deal, String AI IFSC ceased to be a subsidiary of String Metaverse Limited, effectively removing the entity from the company’s corporate structure.
The transaction is not categorized as a related-party transaction, and String Metaverse has ensured full regulatory compliance with SEBI’s Regulation 30 (Listing Obligations and Disclosure Requirements) 2015.
Financial Contribution of String AI IFSC
While a relatively small part of String Metaverse’s portfolio, String AI IFSC contributed meaningfully to the company’s fiscal performance in FY25:
| Financial Metric | Amount (₹ crore) | % of Consolidated Figures |
| Revenue | 644.13 | 1.58% of consolidated revenue |
| Net Worth | 870.23 | 5.39% of consolidated net worth |
Despite these contributions, the company decided to divest this subsidiary to focus resources on its core operations and strategic priorities.
Strategic Rationale
The divestment is part of String Metaverse’s ongoing corporate restructuring, aiming to sharpen focus on high-growth segments and operational efficiency. By exiting a non-core subsidiary, the company can:
- Allocate capital and management attention to core business areas.
- Reduce operational complexity associated with multiple subsidiaries.
- Streamline reporting and compliance processes.
- Strengthen financial flexibility for future growth initiatives.
- Chowda Reddy, Company Secretary & Compliance Officer of String Metaverse Limited, said in a regulatory filing:
“Consequent to the above transaction, String AI IFSC Private Limited has ceased to be a subsidiary of the Company with effect from 11th September, 2025.”
Implications for Shareholders and the Market
The divestment signals strategic clarity to investors, demonstrating the company’s focus on high-value areas while exiting non-core investments. While the immediate financial impact is modest due to the subsidiary’s small contribution to consolidated revenue, the move:
- Enhances corporate governance by simplifying the group structure.
- Allows the company to redeploy capital toward initiatives with stronger growth potential.
- Provides a clearer operational focus, which may positively influence market perception and investor confidence.
Regulatory Compliance
String Metaverse has fully adhered to SEBI regulations, disclosing the transaction in accordance with Listing Obligations and Disclosure Requirements. The transparent handling of the divestment ensures regulatory clarity and investor assurance.
Looking Ahead
With String AI IFSC no longer part of its portfolio, String Metaverse is poised to concentrate on its core competencies, streamline operations, and enhance shareholder value. Investors and market observers will likely monitor the company’s future capital allocation and strategic initiatives to gauge the long-term benefits of this divestment.
Summary
- Event: String Metaverse sells entire stake in String AI IFSC to Axill LLC for ₹1.84 crore
- Transaction Date: 11th September 2025
- Shares Sold: 1,38,83,568 equity shares
- Financial Contribution of Subsidiary: 1.58% of revenue, 5.39% of net worth in FY25
- Strategic Rationale: Streamline operations, focus on core business, redeploy capital efficiently
- Regulatory Compliance: Full adherence to SEBI Regulation 30; not a related-party transaction
- Implications: Simplified corporate structure, enhanced operational focus, potential for improved shareholder value
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