Cubex Tubings promoters would hold 50.48% after warrants

Cubex Tubings Limited’s promoter and promoter group would hold 50.48% of its enlarged equity capital, up from 44.42%, if all 50 lakh proposed preferential warrants are converted into shares. The increase would follow the proposed allotment of 33.90 lakh warrants to promoter entity Cubex Securities Ltd, whose post-conversion holding is shown at 27.21%.

How would Cubex Tubings’ ownership change after full warrant conversion?

Cubex Tubings’ promoter group would cross 50% only if every proposed warrant is converted into equity shares. Promoter and promoter-group holdings would rise by 33.90 lakh shares, from 63.60304 lakh shares before the issue to 97.50304 lakh shares after conversion. This would raise their ownership by 6.06 percentage points, from 44.42% to 50.48%.

The proposed 50 lakh warrants would increase Cubex Tubings’ total equity shares from 143.18975 lakh to 193.18975 lakh. Public shareholding would increase in absolute terms from 79.58671 lakh shares to 95.68671 lakh shares, because non-promoters would receive 16.10 lakh warrants. Its percentage ownership would nevertheless fall from 55.58% to 49.52% as the total share base expands.

Which Cubex Tubings allottee would receive the most warrants?

Cubex Securities Ltd would receive the largest allotment of 33.90 lakh warrants and is the only promoter-category allottee named in Cubex Tubings’ corrigendum. It held 18.67395 lakh shares, or 13.04%, before the issue. On full conversion, its holding would rise to 52.57395 lakh shares, representing 27.21% of the enlarged capital.

Cubex Tubings identifies Mohini Bhandari, Veerendra Bhandari and Sanjay Singhvi as Cubex Securities’ ultimate beneficial owners. The promoter group’s new shares would all be held through the bodies-corporate category, which would rise from 56.17395 lakh shares to 90.07395 lakh shares. Individual promoter holdings would remain 7.42909 lakh shares, while their percentage would decline from 5.19% to 3.85%.

Who are the non-promoter allottees in the Cubex Tubings issue?

Cubex Tubings proposes to allot 16.10 lakh warrants to four non-promoter allottees. Ajeet Modi would receive 6 lakh warrants, the largest non-promoter allotment, and would hold 3.11% after full conversion. Payal Tandan Shrivastava would receive 2 lakh warrants and would hold 1.04% on the same basis.

H & A Unicorns and Ruchas Ventures would each receive 4.05 lakh warrants. H & A Unicorns held 5,500 shares, or 0.038%, before the issue and would hold 4.105 lakh shares, or 2.12%, after conversion; its beneficial owners are identified as Priyanka Himanshu Jain and Shipra Abhishek Bhutra. Ruchas Ventures had no listed pre-issue holding and would own 4.05 lakh shares, or 2.10%, with the same disclosed beneficial owners.

Cubex Tubings’ wider public-shareholding table places 8 lakh warrants in individual shareholding and 8.10 lakh warrants in the “Any Other” category. Individual public holdings would move from 67.76549 lakh shares, or 47.32%, to 75.76549 lakh shares, or 39.22%. The “Any Other” category would rise from 2.55077 lakh shares to 10.65077 lakh shares, increasing its percentage from 1.78% to 5.51%.

What lock-in restrictions would apply to Cubex Tubings’ issue?

Cubex Tubings says the issue would be subject to Regulations 167 and 168 of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, or SEBI ICDR Regulations. Equity shares allotted to promoters or the promoter group on warrant conversion would be locked in for 18 months from trading approval, subject to the prescribed 20% limit on total capital. Shares allotted beyond that limit would be locked in for six months.

Non-promoter shares allotted on conversion would have a six-month lock-in from trading approval, while unlisted warrants or other convertible securities would be locked in for one year from allotment. Existing pre-preferential holdings of allottees would remain locked in until 90 trading days after trading approval, or until 90 trading days after allotment for unlisted warrants. Transfers must comply with Regulation 168 and obtain relevant stock-exchange trading approval.

Cubex Tubings says it would recompute the price of specified securities if required under the SEBI ICDR Regulations. If an amount arising from such recomputation is not paid in the stipulated period, the securities would remain locked in until payment. The company also states that the proposed issue does not trigger an open offer under the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.

How would Cubex Tubings use the preferential-issue proceeds?

Cubex Tubings says it is raising Rs 75 crore through the preferential issue for a project with a stated Rs 87 crore outlay. The balance of Rs 12 crore would be arranged from company reserves, according to the corrigendum. The company says 100% of the issue proceeds would be used for a vacuum melting furnace and associated work at a new manufacturing facility, with no interim usage.

The disclosed allocation includes Rs 50 crore for land and civil and electrical costs, planned in and around December 2026. Vacuum induction melting equipment is allocated Rs 27 crore and other equipment Rs 10 crore, both planned in and around July 2027. Cubex Tubings expects a project trial in August or September 2027 for manufacturing specialised ferrous and non-ferrous industrial and engineering products.

The offer price is Rs 150 per warrant, compared with a minimum price of Rs 142.31 calculated in a valuation report dated 14 October 2026 by Saksham Valuers Private Limited. Cubex Tubings filed its corrigendum on 30 October 2026 after observations or queries from BSE Limited and the National Stock Exchange of India Limited. Its Extraordinary General Meeting is scheduled for 6 November 2026 at 10:30 a.m.

Conclusion

Cubex Tubings’ revised ownership schedule shows that full conversion of 50 lakh warrants would move promoter-group ownership to 50.48% from 44.42%. Cubex Securities would receive all 33.90 lakh promoter warrants, while the four non-promoter allottees would receive the remaining 16.10 lakh warrants and public ownership would become 49.52% of the enlarged capital.

The next disclosed event is Cubex Tubings’ Extraordinary General Meeting on 6 November 2026, where the preferential issue is scheduled for consideration. If the issue proceeds, the company’s stated plan places land and civil or electrical spending around December 2026, equipment spending around July 2027 and a project trial in August or September 2027.