Cubex Tubings seeks member approval for Rs 75 crore warrant issue

Cubex Tubings Limited placed a proposal to raise up to Rs 75 crore through 50.00 lakh preferential convertible warrants at its Extraordinary General Meeting (EGM) on 6 November 2026, with proceeds intended for a vacuum melting furnace project and related manufacturing-facility expenditure. The filing did not disclose the voting result.

What warrant issue did Cubex Tubings place before members?

Cubex Tubings placed a special resolution for up to 50.00 lakh warrants at Rs 150 each, aggregating up to Rs 75 crore, before members at EGM No. 01/2026-2027 on 6 November 2026. The proposal was for identified promoter and non-promoter allottees on a preferential basis, rather than an issue described as being offered to all shareholders.

Cubex Tubings said each warrant would be convertible into an equivalent number of equity shares with a face value of Rs 10 each and a premium of Rs 140 per share. The Rs 150 issue price therefore consists of the stated Rs 10 face value and Rs 140 premium. Although the chairperson explained payment terms and the conversion period at the EGM, the proceedings do not state either the payment schedule or conversion duration.

The Rs 75 crore maximum follows from 50.00 lakh proposed warrants at Rs 150 each. Cubex Tubings reported that the special resolution was placed for consideration and approval through electronic voting, not that it had been approved. It said the voting result and consolidated scrutinizer's report would be submitted separately within the prescribed timeline.

Who are the proposed Cubex Tubings warrant allottees?

Cubex Tubings identified Cubex Securities Ltd, in the promoter category, for 33.90 lakh warrants, while four non-promoter allottees were proposed to receive a combined 16.10 lakh warrants. At Rs 150 per warrant, the promoter-category allocation represents Rs 50.85 crore of the proposed Rs 75 crore maximum, compared with Rs 24.15 crore for the four non-promoter allocations combined.

Cubex Securities Ltd's proposed 33.90 lakh warrants exceed the combined 16.10 lakh warrants proposed for the four non-promoters. Within that non-promoter group, Ajeet Modi was proposed to receive 6.00 lakh warrants, H & A Unicorns and Ruchas Ventures 4.05 lakh each, and Payal Tandan Shrivastava 2.00 lakh.

The filing does not state the existing holdings of the proposed allottees, their ownership after conversion, or the dilution that could arise from 50.00 lakh potential new equity shares. It does state that electronically inspectable documents included valuation reports and a practising company secretary's certificate concerning compliance with Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018.

How did Cubex Tubings conduct the EGM and voting?

Cubex Tubings held the EGM from 10:30 a.m. to 10:56 a.m. Indian Standard Time (IST) on 6 November 2026, with 60 members attending through video conferencing (VC) or other audio-visual means (OAVM). Managing Director Virendra Bhandari chaired the meeting, and the company said members attending through VC or OAVM were counted for quorum.

The 14 October 2026 EGM notice, explanatory statement, 30 October 2026 corrigendum and subsequent disclosures were taken as read with members' permission. Cubex Tubings said members were able to ask questions and seek clarification on the warrant resolution, but the proceedings do not record the questions or management's responses.

Remote e-voting through Central Depository Services (India) Limited (CDSL) ran from 10:00 a.m. IST on 3 November 2026 to 5:00 p.m. IST on 5 November 2026. The voting eligibility cut-off date was 30 October 2026, while eligible members attending the 6 November EGM could vote if they had not cast a remote vote.

Sarada Putcha, practising company secretary with membership number 21717 and certificate of practice number 8735, was appointed scrutinizer for both voting channels. Cubex Tubings said the result would be declared after receipt of the consolidated scrutinizer's report and submitted to BSE Limited and National Stock Exchange of India Limited, as well as made available on its website and CDSL's website.

What will the proposed proceeds fund and what remains undisclosed?

Cubex Tubings said the proposed preferential issue was intended to raise up to Rs 75 crore for a vacuum melting furnace project and related manufacturing-facility expenditure. The chairperson stated that purpose during the 6 November 2026 EGM, linking the maximum warrant proceeds to the named manufacturing investment.

The proceedings do not provide a split of the Rs 75 crore between the vacuum melting furnace and related facility expenditure. They also do not disclose furnace capacity, supplier, commissioning date, total project cost, financing needed beyond the proposed Rs 75 crore, or expected operating contribution from the project.

Cubex Tubings referred to objects and disclosures previously communicated to members in the 14 October 2026 notice, 30 October 2026 corrigendum and subsequent disclosures. The EGM summary itself records no change to the Rs 150 issue price, 50.00 lakh maximum warrants or five named proposed allottees during the meeting.

Conclusion

The 6 November 2026 proceedings show that Cubex Tubings put a defined Rs 75 crore financing proposal before members through 50.00 lakh preferential convertible warrants priced at Rs 150 each. The proposed allocation is concentrated in the 33.90 lakh warrants for Cubex Securities Ltd, while the four identified non-promoters account for 16.10 lakh warrants. The stated use is the vacuum melting furnace project and related manufacturing-facility expenditure.

The next disclosed event is the voting outcome following receipt of the consolidated scrutinizer's report. Cubex Tubings said it would submit the result to BSE Limited and National Stock Exchange of India Limited and publish it on its website and CDSL's website. The filing does not state the timing of that result or provide a project commissioning schedule.