Cubical Financial Services open offer: Sept 2026 dates

Overview: open offer and capital raise run in parallel

Cubical Financial Services Limited is seeing a change-in-control process that combines a mandatory open offer with a preferential allotment to promoter-linked investors. The open offer has been launched by Mr. Manoj Agrawal and Mr. Amit Kumar Saraogi to acquire up to 3,77,44,200 equity shares, which represents 26.00% of the emerging equity and voting share capital. The offer price has been set at ₹2.50 per share.

Separately, the company’s board has approved a first tranche of preferential allotment, issuing 2.89 crore equity shares at ₹2.50 per share and raising ₹7.23 crore. The transaction is structured as a private placement through preferential allotment.

Together, these actions signal a promoter group transition and an equity infusion at the same price point used for the open offer. For shareholders, the key questions are the tender timeline, the mechanics of participation, and what the post-transaction shareholding could look like.

Who is making the open offer and what is being acquired

The acquirers named are Mr. Manoj Agrawal and Mr. Amit Kumar Saraogi. They have launched the mandatory open offer to acquire up to 3,77,44,200 equity shares of Cubical Financial Services Limited. This size corresponds to 26.00% of the emerging equity and voting share capital, as stated in the disclosure.

The open offer has been triggered by a share purchase agreement with existing promoters Ashwani Kumar Gupta and Rita Gupta, alongside a proposed preferential allotment of 8,00,00,000 equity shares to the acquirers and their persons acting in concert (PACs). The documents also state that, after completion of the open offer and assuming full acceptance, the aggregate shareholding of the new promoter group would rise to 94.94% of the emerging equity and voting share capital.

Open offer price, interest component, and what it implies

The offer price for the open offer is ₹2.50 per share. In addition, the acquirers are required to pay applicable interest of ₹0.021 per share due to a delay in receiving prior approval from the Reserve Bank of India (RBI) for the change in control. This interest element is explicitly linked to the timing of regulatory approval.

For tendering shareholders, the disclosed per-share economics therefore includes the ₹2.50 offer price and the applicable interest of ₹0.021 per share, as specified. The company’s disclosures frame the interest as a regulatory-timing consequence rather than a revision to the offer price.

Key dates: tender period runs September 17-30, 2026

The tendering period for the open offer is clearly defined. It commences on Thursday, September 17, 2026, and closes on Wednesday, September 30, 2026. Shareholders intending to participate must tender within this window.

Corporate Makers Capital Limited has been appointed as the manager to the offer. Beetal Financial & Computer Services Private Limited is serving as the registrar.

These intermediaries typically handle the offer process, including communication, tender collection through broker systems, and reconciliation of acceptances according to the final basis of acceptance.

Funding and escrow: maximum consideration and deposit disclosed

The total maximum consideration for the open offer, assuming full acceptance, has been stated as approximately ₹9.44 crore. As part of the process, the acquirers have deposited ₹2.41 crore in an escrow account with ICICI Bank Limited.

The disclosure specifies that the escrow amount fulfills the requirement to deposit more than 25% of the maximum consideration. This is a key compliance step in open offers, as it provides a financial backstop for the obligations under the offer.

Preferential allotment: 2.89 crore shares approved at ₹2.50

Cubical Financial Services said its board approved the allotment of 2.89 crore equity shares on a preferential basis at a board meeting held on September 7, 2026. The shares in this tranche were issued at ₹2.50 per equity share. The company specified that this includes a premium of ₹0.50 over the face value of ₹2 per share.

Based on the allotment size of 2.89 crore shares, the company said it will raise ₹7.23 crore from this first tranche. The disclosure also states this is the first tranche of a larger capital raise authorized by shareholders.

In addition, the company stated it received in-principle approval from BSE Limited on July 30, 2026. It also stated that regulatory clearance from the RBI was received on August 31, 2026, for changes in control and management.

Preferential issue cap and investor allocation in the first tranche

The authorised preferential issue cap is stated as 8.00 crore shares for ₹20.00 crore. The company’s first tranche allocation details list four promoter-linked investors and their post-issue holding percentages, as provided in the disclosure.

This table reflects only the first tranche numbers and the post-issue holding percentages explicitly stated. The broader change in control also includes the open offer and the proposed larger preferential allotment referenced as 8,00,00,000 equity shares.

How shareholders can participate in the open offer

Eligible equity shareholders, including those holding shares in physical or dematerialized form, can tender their shares through registered stock brokers during the tendering period. This aligns with the standard stock-exchange mechanism used for open offers in India.

Shareholders typically need to coordinate with their broker to place tender instructions within the specified window. The registrar and manager to the offer handle the back-end processing, including validating holdings and final acceptances.

Stock identifiers, business profile, and market snapshots cited

Cubical Financial Services Limited is described as an India-based non-banking financial company (NBFC) engaged in finance and investments, including investments in financial markets, stocks, properties, and others. The stock details cited include BSE: 511710, NSE: CUBIFIN, and ISIN: INE717D01023, with the stock referenced in BSE Group XT.

Multiple market snapshots are cited in the provided material. It states the share price of CUBIFIN as on September 4, 2026 is ₹5.61, and that the market cap was ₹38.52 crore as of the same date. Another cited snapshot lists market capitalisation as ₹35.84 crore as on September 4, 2026. A separate metrics block cites a current price of ₹6.03 with market cap ₹39.3 crore (metrics as of 18 August 2026, not real time). Another line states the share price stands at ₹6.48 at the close of the market, with market capitalisation ₹58.14 crore (date not specified in that line).

Key facts table: offer terms, allotment terms, and dates

Why the combined steps matter for ownership and float

The disclosures highlight a large potential shift in shareholding. Post-completion of the open offer, assuming full acceptance, the new promoter group’s aggregate shareholding is stated to rise to 94.94% of the emerging equity and voting share capital. This level, if achieved, would leave a relatively small non-promoter shareholding in the “emerging” capital base referenced.

The company has also moved ahead with equity issuance through preferential allotment, with the first tranche raising ₹7.23 crore. In parallel, the open offer provides an exit opportunity to shareholders at the disclosed price and the applicable interest component.

Separately, a shareholding snapshot in the provided material states promoters held 30.80% at June 2026, with public at 69.19%. That snapshot provides context on the pre-transaction shareholding mix cited.

What to watch next

The immediate next milestone is the open offer tender window from September 17 to September 30, 2026, and subsequent disclosures on the basis of acceptance and final acquisition. Investors will also track how the broader preferential issue plan progresses relative to the stated authorisation of 8.00 crore shares for ₹20.00 crore.

The company has already disclosed key regulatory markers, including BSE in-principle approval dated July 30, 2026 and RBI clearance dated August 31, 2026 for changes in control and management. The interest payment requirement of ₹0.021 per share indicates that regulatory timelines have had a direct impact on consideration payable in the open offer.

Conclusion

Cubical Financial Services is in the middle of a promoter transition anchored by a 26% open offer at ₹2.50 per share, with tendering scheduled from September 17 to September 30, 2026. At the same time, the company has completed the first tranche of a preferential allotment, issuing 2.89 crore shares at the same price and raising ₹7.23 crore.

The next confirmed steps are the completion of the tender period and the subsequent post-offer disclosures, alongside further actions under the larger preferential issue authorised by shareholders.