2.17 Provisions and Contingencies
Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past
event, it is probable that an outflow of resources embodying economic benefits will be required to settle the
obligation and a reliable estimate can be made of the amount of the obligation. When the Company expects some
or all of a provision to be reimbursed, for example, under an insurance contract, the reimbursement is recognised
as a separate asset, but only when the reimbursement is virtually certain.
The expense relating to a provision is presented in the statement of profit and loss net of any reimbursement. If the
effect of the time value of money is material, provisions are discounted using a current pre-tax rate that reflects,
when appropriate, the risks specific to the liability. When discounting is used, the increase in the provision due to
the passage of time is recognised as a finance cost.
A provision for onerous contracts is recognised when the expected benefits to be derived by the Company from a
contract are lower than the unavoidable cost of meeting its obligations under the contract. The provision is
measured at the present value of the lower of the expected cost of terminating the contract and the expected net
cost of continuing with the contract. Before a provision is established, the Company recognises any impairment
loss on the assets associated with that contract.
A contingent liability is a possible obligation that arises from past events whose existence will be confirmed by the
occurrence or non-occurrence of one or more uncertain future events beyond the control of the Company or a
present obligation that is not recognized because it is not probable that an outflow of resources will be required to
settle the obligation. A contingent liability also arises in extremely rare cases where there is a liability that cannot
be recognized because it cannot be measured reliably. The Company does not recognize a contingent liability but
discloses its existence in the standalone financial statements.
Provisions and contingent liability are reviewed at each balance sheet.
2.18 Borrowing costs
Borrowing costs consist of interest and other costs that an entity incurs in connection with the borrowing of funds
including interest expense calculated using the effective interest method, finance charges in respect of assets
acquired on finance lease. Borrowing cost also includes exchange differences to the extent regarded as an
adjustment to the borrowing costs.
Borrowing costs directly attributable to the acquisition, construction or production of an asset that necessarily
takes a substantial period of time to get ready for its intended use or sale are capitalised as part of the cost of the
asset until such time as the assets are substantially ready for the intended use or sale. All other borrowing costs are
expensed in the year in which they occur.
2.19 Related party transactions
The transactions with related parties are made on terms equivalent to those that prevail in arm's length
transactions. Outstanding balances at the period-end are unsecured and settlement occurs in cash or credit as per
the terms of the arrangement. Impairment assessment is undertaken each financial year through examining the
financial position of the related party and the market in which the related party operates.
2.20 Financial instruments
A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or
equity instrument of another entity.
Financial assets
Initial recognition and measurement
All financial assets are recognized initially at fair value, plus in the case of financial assets not recorded at fair value
through profit or loss (FVTPL), transaction costs that are attributable to the acquisition of the financial asset.
However, trade receivables that do not contain a significant financing component are measured at transaction
price.
Following are the categories of financial instrument:
a) Financial assets at amortised cost
Financial assets are subsequently measured at amortised cost using the effective interest rate method if these
financial assets are held within a business whose objective is to hold these assets in order to collect contractual
cash flows and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely
payments of principal and interest on the principal amount outstanding.
b) Financial assets at fair value through other comprehensive income (FVTOCI)
Debt financial assets measured at FVOCI:
Debt instruments are subsequently measured at fair value through other comprehensive income if it is held within
a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets
and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments
of principal and interest on the principal amount outstanding.
Equity Instruments designated at FVOCI:
On initial recognition, the Company makes an irrevocable election on an instrument-by-instrument basis to
present the subsequent changes in fair value in other comprehensive income pertaining to investments in equity
instruments, other than equity investment which are held for trading. Subsequently, they are measured at fair
value with gains and losses arising from changes in fair value recognised in other comprehensive income and
accumulated in the 'Reserve for equity instruments through other comprehensive income'. The cumulative gain or
loss is not reclassified to profit or loss on disposal of the investments.
c) Financial assets at fair value through profit or loss (FVTPL)
Investments in equity instruments are classified as at FVTPL, unless the Company irrevocably elects on initial
recognition to present subsequent changes in fair value in other comprehensive income for investments in equity
instruments which are not held for trading. Other financial assets such as unquoted Mutual funds are measured at
fair value through profit or loss unless it is measured at amortised cost or at fair value through other
comprehensive income on initial recognition.
A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is
primarily derecognised (i.e. removed from the Company's balance sheet) when:
a) the rights to receive cash flows from the asset have expired, or
b) the Company has transferred its rights to receive cash flows from the asset, and
i. the Company has transferred substantially all the risks and rewards of the asset, or
ii. the Company has neither transferred nor retained substantially all the risks and rewards of the asset,
but has transferred control of the asset.
When the Company has transferred its rights to receive cash flows from an asset or has entered into a pass-through
arrangement, it evaluates if and to what extent it has retained the risks and rewards of ownership. When it has
neither transferred nor retained substantially all of the risks and rewards of the asset, nor transferred control of the
asset, the Company continues to recognise the transferred asset to the extent of the Company's continuing
involvement. In that case, the Company also recognises an associated liability. The transferred asset and the
associated liability are measured on a basis that reflects the rights and obligations that the Company has retained.
Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower of
the original carrying amount of the asset and the maximum amount of consideration that the Company could be
required to repay.
Impairment of financial assets
In accordance with Ind AS 109, the Company applies expected credit loss ('ECL') model for measurement and
recognition of impairment loss on the following financial assets and credit risk exposure:
a) Financial assets that are debt instruments, and are measured at amortised cost e.g., loans, deposits,
trade receivables and bank balance
b) Financial assets that are debt instruments and are measured at FVTOCI.
c) Financial guarantee contracts which are not measured as at FVTPL.
The Company follows 'simplified approach' for recognition of impairment loss allowance on trade receivables. The
application of simplified approach does not require the Company to track changes in credit risk. Rather, it
recognises impairment loss allowance based on lifetime ECLs at each reporting date, right from its initial
recognition.
For recognition of impairment loss on other financial assets and risk exposure, the Company determines that
whether there has been a significant increase in the credit risk since initial recognition. If credit risk has not
increased significantly, 12-month ECL is used to provide for impairment loss. However, if credit risk has increased
significantly, lifetime ECL is used. If, in a subsequent period, credit quality of the instrument improves such that
there is no longer a significant increase in credit risk since initial recognition, then the entity reverts to recognising
impairment loss allowance based on 12-month ECL. Lifetime ECL are the expected credit losses resulting from all
possible default events over the expected life of a financial instrument. The 12-month ECL is a portion of the
lifetime EC L which results from default events that are possible within 12 months after the reporting date.
ECL is the difference between all contractual cash flows that are due to the Company in accordance with the
contract and all the cash flows that the entity expects to receive (i.e., all cash shortfalls), discounted at the original
EIR. When estimating the cash flows, an entity is required to consider:
i) All contractual terms of the financial instrument (including prepayment, extension, call and similar
options) over the expected life of the financial instrument. However, in rare cases when the expected life of the
financial instrument cannot be estimated reliably, then the entity is required to use the remaining contractual term
of the financial instrument ii) Cash flows from the sale of collateral held or other credit enhancements that are
integral to the contractual terms.
ECL impairment loss allowance (or reversal) recognized during the period is recognized as income/ expense in the
Statement of Profit and Loss . This amount is reflected under the head 'other expenses' in the Statement of Profit
and Loss. In the balance sheet, ECL is presented as an allowance, i.e., as an integral part of the measurement of
those assets in the balance sheet. The allowance reduces the net carrying amount. Unfil the asset meets write-off
criteria, the Company does not reduce impairment allowance from the gross carrying amount.
Offsetting:
Financial assets and financial liabilities are offset and the net amount is reported in the standalone balance sheet if
there is a currently enforceable legal right to offset the recognised amounts and there is an intention to settle on a
net basis, to realise the assets and settle the liabilities simultaneously.
Financial liabilities
Initial recognition and measurement
Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss,
loans and borrowings, payables. All financial liabilities are recognised initially at fair value and, in the case of loans
and borrowings and payables, net of directly attributable transaction costs. The Company's financial liabilities
include trade and other payables, loans and borrowings.
Subsequent measurement
The measurement of financial liabilities depends on their classification, as described below:
Financial liabilities at fair value through profit or loss
Financial liabilities at fair value through profit or loss include financial liabilities designated upon initial recognition
as at fair value through profit or loss.
Financial liabilities designated upon initial recognition at fair value through profit or loss are designated as such at
the initial date of recognition and only if the criteria in Ind AS 109 are satisfied. For liabilities designated as FVTPL,
fair value gains/ losses attributable to changes in own credit risk are recognized in OCI. These gains/ loss are not
subsequently transferred to P&L. However, the Company may transfer the cumulative gain or loss within equity. All
other changes in fair value of such liability are recognised in the statement of profit or loss. The Company has not
designated any financial liability as at fair value through profit and loss.
Gains or losses on liabilities held for trading are recognised in the profit or loss.
Financial liabilities designated upon initial recognition at fair value through profit or loss are designated as such at
the initial date of recognition, and only if the criteria in Ind AS 109 are satisfied. For liabilities designated as FVTPL,
fair value gains/ losses attributable to changes in own credit risk are recognized in OCI. These gains/ loss are not
subsequently transferred to P&L. However, the Company may transfer the cumulative gain or loss within equity. All
other changes in fair value of such liability are recognised in the statement of profit or loss.
Loans and borrowings
This is the category most relevant to the Company. After initial recognition, interest-bearing loans and borrowings
are subsequently measured at amortised cost using the EIR method. Gains and losses are recognised in profit or
loss when the liabilities are derecognised as well as through the EIR amortisation process. Amortised cost is
calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part
of the EIR. The EIR amortisation is included as finance costs in the statement of profit and loss. This category
generally applies to borrowings.
A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires.
When an existing financial liability is replaced by another from the same lender on substantially different terms, or
the terms of an existing liability are substantially modified, such an exchange or modification is treated as the de¬
recognition of the original liability and the recognition of a new liability. The difference in the respective carrying
amounts is recognised in the statement of profit and loss.
Financial guarantee contracts issued by the Company are those contracts that require a payment to be made to
reimburse the holder for a loss it incurs because the specified debtor fails to make a payment when due in
accordance with the terms of a debt instrument. Financial guarantee contracts are recognised initially as a liability
at fair value, adjusted for transaction costs that are directly attributable to the issuance of the guarantee.
Subsequently, the liability is measured at the higher of the amount of loss allowance determined as per
impairment requirements of Ind AS 109 and the amount recognised less cumulative amortisation.
Reclassification of financial assets.
The Company determines classification of financial assets and liabilities on initial recognition. After initial
recognition, no reclassification is made for financial assets which are equity instruments and financial liabilities.
For financial assets which are debt instruments, a reclassification is made only if there is a change in the business
model for managing those assets. Changes to the business model are expected to be infrequent. The Company's
senior management determines change in the business model as a result of external or internal changes which are
significant to the Company's operations. Such changes are evident to external parties. A change in the business
model occurs when the Company either begins or ceases to perform an activity that is significant to its operations.
If the Company reclassifies financial assets, it applies the reclassification prospectively from the reclassification
date which is the first day of the immediately next reporting period following the change in business model. The
Company does not restate any previously recognised gains, losses (including impairment gains or losses) or
interest.
2.21 Share Based Payments
The Company has equity-settled share-based remuneration plans for its employees. None of the Company's plans
are cash-settled. Where employees are rewarded using share-based payments, the fair value of employees'
services is determined indirectly by reference to the fair value of the equity instruments granted. This fair value is
appraised at the grant date and excludes the impact of non-market vesting conditions (for example profitability
and sales growth targets and performance conditions). All share-based remuneration is ultimately recognized as
an expense in profit or loss with a corresponding credit to equity. If vesting periods or other vesting conditions
apply, the expense is allocated over the vesting period, based on the best available estimate of the number of share
options expected to vest. Upon exercise of share options, the proceeds received, net of any directly attributable
transaction costs, are allocated to share capital up to the nominal (or par) value of the shares issued with any
excess being recorded as share premium.
2.22 Cash Flow Statement
Cash flows are reported using the indirect method, whereby profit / (loss) before exceptional items and tax is
adjusted for the effects of transactions of non-cash nature and any deferrals or accruals of past or future cash
receipts or payments. The cash flows from operating, investing and financing activities of the Company are
segregated based on the available information. Cash comprises cash on hand and demand deposits with banks.
Cash equivalents are short-term balances (with an original maturity of three months or less from the date of
acquisition), highly liquid investments that are readily convertible into known amounts of cash and which are
subject to insignificant risk of changes in value.
2.23 Inventories
Inventories are stated at the lower of cost and net realizable value. The cost of inventories comprises of all costs of
purchase, costs of conversion and other costs incurred in bringing the inventories to their present location and
condition. Costs of inventories are computed using weighted average cost formula. Net realizable value is the
estimated selling price in the ordinary course of business less any applicable selling expenses. Provision for
obsolescence and slow moving inventory is made based on management's best estimates of net realizable value of
such inventories.
2.24 Exceptional Items
Exceptional items refer to items of income or expense within the income statement that are of such size, nature or
incidence that their separate disclosure is considered necessary to explain the performance for the year.Such
items are material by nature or amount to the year's result and / or require separate disclosure inaccordance with
Ind AS. The determination as to which items should be disclosed separately requires a degree of
judgement.Restructurings of the activities of an entity and reversals of any provisions for the costs of restructuring
are reported under exceptional items,The details of exceptional items are set out in note 27.
2.25 Business Combination
Purchase consideration paid in excess of the fair value of net assets acquired is recognised as goodwill. Where the
fair value of identifiable assets and liabilities exceed the cost of acquisition, after reassessing the fair values of the
net assets and contingent liabilities, the excess is recognised as capital reserve.
After initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of
impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of
the Group's cash-generating units that are expected to benefit from the combination, irrespective of whether
other assets or liabilities of the acquiree are assigned to those units.
2.26 Investment in subsidiaries, joint ventures and associates
In accordance with Ind AS 27 - Separate Financial Statements, investments in equity instruments of subsidiaries,
joint ventures and associates can be measured at cost or at fair value in accordance with Ind AS 109. The Company
has opted to measure such investments at cost at initial recognition.Subsequently, such investments in
subsidiaries,joint ventures and associates are carried at cost less accumulated impairment losses, if any. Where an
indication of impairment exists, the carrying amount of the investment is assessed and written down immediately
to its recoverable amount. On disposal of these investments, the difference between net disposal proceeds and
the carrying amounts are recognized in the statement of profit and loss
*The existing shares has been reduced from 2,58,17,942 equity shares of ^ 2581.79 Lakh of ^10 each to 9,60,866
equity shares of ^ 96.09 Lakh of ^ 10 each by the order of Honorable National Company Law Tribunal - Hyderabad
Bench, thereby reducing the capital by 2,485.70 Lakhs. Further Pursuant to the approval of the resolution plan, the
Board of Directors in the said Meeting allotted 9,60,00,000 Equity shares of ^ 10/- each fully paid up to the
shareholders of the M/s String Metaverse Ltd (Transferor Company) in the following swap ratio: "Six Equity Shares
of ^ 10/-each of M/s Bio Green Papers Ltd shall be issued for every Ten Equity Shares of ^ 1 each to every
shareholder of M/s String Metaverse Ltd held on Record Date". Accordingly, an allotment of 9,60,00,000 Equity
shares of ^ 10/- each fully paid up made to the Shareholders of M/s.String Metaverse Ltd as a consideration for the
merger of the Transferor Company into the Corporate Debtor.
Terms/ rights attached to equity shares
The Company has only one class of equity shares having par value of ^ 10 per share. Each holder of equity shares is
entitled to one vote per share.
If the company shall be wound up, the Liquidator may, with the sanction of a special resolution of the company and
any other sanction required by the Act divide amongst the shareholders, in specie or kind the whole or any part of
the assets of the company,whether they shall consist of property of the same kind or not.
Please note that the sensitivity analysis presentedabove may not be representativeof the actual change in the defined benefit
obligation as it is unlikely thatthechange in assumptionswould occur in isolation of oneanotheras someof theassumptionsmay
be correlated.
There is no change in the methodof valuation for the prior period. For change in assumptionsplease refer Actuarial assumptions
above, where assumptions for prior period, if applicable, are given.
Basic EPS amounts are calculated by dividing the profit for the year attributable to equity holders by the weighted average
number of Equity shares outstanding during the year.
Diluted EPS amounts are calculated by dividing the profit attributable to equity holders (after adjusting for interest on the
convertible debentures) by the weighted average number of Equity shares outstanding during the year plus the weighted
average number of Equity shares that would be issued on conversion of all the dilutive potential Equity shares into Equity
Shares.
Notes:
Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the
measurement date.
Level 2 inputs are inputs other than quoted prices included within level 1 that are observable for the asset or liability, either
directly or indirectly.
Level 3 inputs are unobservable inputs for the asset or liability.
There have been no transfers between the levels during the period.
Financial instruments carried at amortised cost such as trade receivables, other financial assets, borrowings, trade payables
and other financial liabilities are considered to be same as their fair values, due to short term nature.
Investments valued at fair value through profit and loss are classified as level 3 fair values in the fair value hierarchy due to the
inclusion of unobservable inputs including counterparty credit risk.
For financial assets & liabilities that are measured at fair value, the carrying amounts are equal to the fair values.The
management assessed that cash and cash equivalents, trade receivables, trade payables and other current liabilities
approximate their carrying amounts largely due to the short-term maturities of these instruments. Further, the management
has assessed that fair value of borrowings approximate their carrying amounts largely since they are carried at floating rate of
interest.The fair value of the financial assets and liabilities is included at the amount at which the instrument could be
exchanged in a current transaction between willing parties, other than in a forced or liquidation sale.
36 Financial risk management objectives and policies
Financial risk management framework
The Company's principal financial liabilities include borrowings, trade payables, and other payables, which are
primarily used to finance and support its operational activities. Its principal financial assets comprise trade
receivables, other receivables, cash and cash equivalents, and other bank balances, all of which arise directly from
its operations.
The Company is exposed to credit risk, liquidity risk, and market risk, including fluctuations in foreign currency
exchange rates and interest rates, which may adversely affect the fair value of its financial instruments. To mitigate
these risks, the Company monitors the financial environment continuously and implements risk management
strategies in line with its established policies and objectives.
Senior management is responsible for overseeing financial risk management, advising on risk strategy, and
ensuring that risks are identified, assessed, and managed effectively within an appropriate governance
framework. The Board of Directors reviews and approves the Company's financial risk management policies on a
periodic basis.
A. Credit risk
Credit risk is the risk that counterparty will not meet its obligations under a financial instrument or customer
contract, leading to a financial loss. Credit risk encompasses of both, the direct risk of default and the risk of
deterioration of creditworthiness
as well as concentration of risks. Credit risk is controlled by analysing credit limits and creditworthiness of
customers on acontinuous basis to whom the credit has been granted after obtaining necessary approvals for
credit. The Company is exposed to credit risk from its operating activities (primarily trade receivables) and from its
investing activities (short term bank deposits). The Company only deals with parties which has good credit rating /
worthiness given by external rating agencies or based on companies internal assessment.
Financial instruments that are subject to concentrations of credit risk principally consist of trade receivables,
investments, cash and cash equivalents, bank deposits and other financial assets. None of the financial
instruments of the Company result in material concentration of credit risk.
Exposure to credit risk
The carrying amount of financial assets represents the maximum credit exposure. The maximum exposure to
credit risk was INR 5,488.62 lakhs (March 31, 2024- INR 5977.28 lakhs) being the total of the carrying amount of
Cash and cash equivalents, bank deposits, trade receivables, investments and other financial assets.
Trade receivables
IND AS requires expected credit losses to be measured through a loss allowance. The Company assesses at each
date of statements of financial position whether a financial asset or a group of financial assets is impaired. The
Company recognises lifetime expected losses for all contract assets and / or all trade receivables that do not
constitute a financing transaction. For all other financial assets, expected credit losses are measured at an amount
equal to the 12 month expected credit losses or at an amount equal to the life time expected credit losses if the
credit risk on the financial asset has increased significantly since initial recognition.
B. Market risk
Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of
changes in market prices. Such changes in the values of financial instruments may result from changes in the
foreign currency exchange rates, interest rates, credit, liquidity and other market changes. Financial instruments
affected by market risk include loans, borrowings and security deposits.
Market risk comprises two types of risk:
Interest rate risk -
Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of
change in market interest rates. In order to optimise the Company's position with regards to interest income and
interest expenses and to manage the interest rate risk, treasury performs a comprehensive corporate interest risk
management by balancing the proportion of fixed rate and floating rate financial instruments in its total portfolio.
Foreign currency exchange rate risk -
The fluctuation in foreign currency exchange rates may have potential impact on the statement of profit or loss and
other comprehensive income and equity, where any transaction references more than one currency or where
assets / liabilities are denominated in a currency other than the functional currency of the respective entities.
Considering the countries and economic environment in which the Company operates, its operations are subject
to risks arising from fluctuations in exchange rates in those countries. The risks primarily relate to fluctuations in US
Dollar against the functional currencies of the Company.
The Company is not exposed to significant interest rate risk as at the respective reporting dates.
The Company's equity investments are mainly strategic in nature and are generally held on a long term basis.
Further, the investments are not exposed to significant price risk.
C. Liquidity risk
Liquidity risk refers to the risk that the Company cannot meet its financial obligation. The objective of liquidity risk
management is to maintain sufficient liquidity and ensured that funds are available for use as per requirements.
The Company manages liquidity risk by maintaining adequate reserves, banking facilities and reserves borrowing
facilities, by continuously monitoring forecast and actual cash flows, and by matching the maturity profiles of
financial assets and liabilities.
Exposure to liquidity risk
The following are the remaining contractual maturities of financial liabilities at the reporting date. The amounts
are gross and undiscounted, and exclude the impact of netting agreements.
For the purpose of the Company's capital management, capital includes issued equity capital, share premium and all other
equity reserves attributable to the equity holders of the Company. The primary objective of the Company's capital
management is to maximise the shareholder value.The Company manages its capital structure in consideration to the changes
in economic conditions and the requirements of the financial covenants. The Company monitors capital using a gearing ratio,
which is net debt divided by total equity. The Company includes within net debt, borrowings including interest accrued on
borrowings less cash and short-term deposits.
The Company has Employee Stock Options Scheme i.e. "String Metaverse Employee Stock Option Scheme - 2023" ("THE
SCHEME") under which options to be granted at exercise price to be vested from time to time.The "String Metaverse
Employee Stock Option Scheme - 2023" (hereinafter referred to as SM ESOS 2023 or "the Scheme") was originally adopted by
the shareholders of the then unlisted company, M/s. String Metaverse Limited, through a resolution passed at its Extra¬
Ordinary General Meeting held on March 27, 2023. The Scheme was framed in accordance with applicable law at that time,
with the objective of rewarding and retaining key employees, aligning employee interests with long-term shareholder value,
promoting a sense of ownership among employees, and incentivizing high performance.Subsequently, pursuant to a Scheme
of Amalgamation approved by the Hon'ble National Company Law Tribunal (NCLT), Hyderabad Bench, by its order dated May
28, 2024, M/s. String Metaverse Limited (the unlisted company) was merged with M/s. Bio Green Papers Limited, a listed
entity. Upon effectiveness of the merger, the name of the Bio Green Papers Limited was changed to String Metaverse Limited.
As per the terms of the NCLT-approved scheme and applicable provisions of law, all rights, obligations, and undertakings of the
erstwhile unlisted company, including those arising under SM ESOS 2023, stood vested in the merged listed company, i.e., the
current String Metaverse Limited.
The maximum number of options that may be granted as per the original scheme shall not exceed 1,65,00,000 (One Crore
Sixty-Five Lakhs only) equity shares of M/s. String Metaverse Limited (The Unlisted Entity), having a face value of Re. 1/- each,
prior to the effectiveness of the Scheme of Arrangement. Each option granted under The Scheme shall entitle the eligible
participant to acquire 1 (one) equity share of Re. 1/- of M/s. String Metaverse Limited (The Unlisted Entity), The options may
be granted in one or more tranches as may be decided by the Board of Directors or a Committee thereof, in accordance with
the provisions of the Scheme and applicable laws.
Pursuant to the Scheme of Arrangement involving the merger of M/s. String Metaverse Limited (Transferor Company) with
M/s. Bio Green Papers Limited (Transferee Company), (Upon effectiveness of the merger, the name of the Bio Green Papers
Limited was changed to String Metaverse Limited ) and in accordance with the approved share exchange ratio of 6 (six) equity
shares of the Transferee Company of face value Rs.10/- each for every 10 (ten) equity shares of the Transferor Company of face
value Re.1/- each, the stock options granted under The Scheme shall also be adjusted accordingly.
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