Cubical Financial open offer: ₹2.50 price in 2026

What has been announced

Cubical Financial Services Limited (CUBIFIN) has moved a step closer to a change-in-control process after its Committee of Independent Directors (IDC) recommended that shareholders consider a mandatory open offer led by Mr. Manoj Agrawal and Mr. Amit Kumar Saraogi. The recommendation covers an offer to acquire up to 3,77,44,200 fully paid-up equity shares, representing 26.00% of the company’s emerging equity and voting share capital. The offer price is set at ₹2.50 per share and is payable in cash. In addition, an applicable interest of up to ₹0.021 per share is also to be paid, as mentioned in the offer documents. The IDC stated that the offer price is fair and reasonable and consistent with applicable SEBI regulations.

Who is making the open offer and who is eligible

The acquirers named are Mr. Manoj Agrawal and Mr. Amit Kumar Saraogi, along with persons acting in concert (PACs). The open offer is being made to eligible equity shareholders of Cubical Financial Services, subject to exclusions described in the offer documents. The offer is described as being made to public shareholders of the target company. It excludes the existing promoter group, the acquirers, and the proposed allottees in the preferential issue.

Key dates shareholders should track

The tendering period for the open offer is scheduled to open on Thursday, September 17, 2026 and close on Wednesday, September 30, 2026. Shareholders who wish to participate must tender their shares during this window through registered stock brokers. The IDC said it evaluated a set of documents around the open offer, including the Public Announcement dated May 15, 2026, the Detailed Public Statement dated May 21, 2026, and the Letter of Offer dated September 9, 2026. These dates form the formal trail used in the committee’s review process.

IDC decision and what “fair and reasonable” means here

The IDC’s recommendation was unanimously approved on September 14, 2026. The committee concluded that the offer price complies with the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. The open offer is stated to be made in compliance with Regulation 3(1) and Regulation 4 of the SAST Regulations. Based on its review, the independent directors recommended acceptance of the offer terms as fair and reasonable.

Disclosures by the independent directors

The IDC note also includes disclosures on independence and potential conflicts. Members Mr. Ram Gopal Dalmia (Chairperson) and Mr. Subhash Kumar Changoiwala confirmed they hold no equity shares in the target company. They also stated they have no relationship with the acquirers or their PACs. In addition, they disclosed no trading in the company’s shares during the 12 months prior to the public announcement.

Why the offer price is set at ₹2.50

The IDC highlighted specific reference points to support the fairness of the ₹2.50 offer price. It said the open offer price exceeds the highest negotiated price under the share purchase agreement (SPA), stated as ₹2.05 per share. It also noted the offer price is higher than the volume-weighted average market price cited at ₹2.18 over the preceding sixty trading days. And it surpasses the price payable under the proposed preferential issue, stated as ₹2.44 per share. These comparisons were cited as factors supporting the committee’s view that ₹2.50 is consistent with the regulatory pricing framework.

Interest payment and the RBI approval-related delay

Along with the base offer price, the offer includes an applicable interest component of ₹0.021 per share. The IDC note links this interest to a thirty-day delay in payment due to pending RBI approval. The interest is described as being calculated at 10% per annum from September 15, 2026 to October 15, 2026. This interest is presented as compensation for the payment delay, and the amount is mentioned as “up to ₹0.021 per share” in the offer materials.

Offer size and total consideration if fully accepted

The open offer seeks up to 3,77,44,200 equity shares, equal to 26.00% of the emerging equity and voting share capital. Assuming full acceptance, the maximum consideration for the open offer has been stated as approximately ₹9.44 crore. This figure is tied to full tender and acceptance of the offer size as described in the documents.

Snapshot table of the open offer

Market context and available trading reference

The information set does not include analyst ratings for the stock, with analyst ratings data described as currently unavailable. A separate market reference in the provided material states Cubical Financial Services was trading at 6.69 as on Thu Sep 10 2026 09:57:36. This trading reference is separate from the open offer price, and the documents cited by the IDC remain the basis for the committee’s recommendation on the open offer.

What happens next for shareholders

The immediate next milestone for shareholders is the tendering window from September 17 to September 30, 2026. Participation requires tendering shares through registered stock brokers during the tendering period. Shareholders typically rely on the Letter of Offer and related documents for detailed terms, including exclusions and procedural steps. In this case, the IDC has already issued its recommendation after reviewing the Public Announcement, the Detailed Public Statement, and the Letter of Offer dated September 9, 2026.

Why the recommendation matters

An IDC recommendation is a formal governance input for public shareholders in a mandatory open offer process. Here, the committee’s view hinges on the offer meeting SEBI SAST requirements and the price comparisons it cited, including the SPA price of ₹2.05, a 60-trading-day volume-weighted average market price of ₹2.18, and a preferential issue price of ₹2.44. The additional interest component of up to ₹0.021 per share, linked to an RBI approval-related delay, is also explicitly referenced in the documents. For investors, the practical decision point remains whether to tender during the stated window, using the offer documentation and the IDC’s recommendation as key inputs.