Cubical Financial open offer: ₹2.50 price, Sept dates

What has been announced

Cubical Financial Services Limited has announced the tendering schedule for its mandatory open offer, with the window set to open on September 17, 2026 and close on September 30, 2026. The open offer is priced at ₹2.50 per equity share. The disclosed offer price includes applicable interest of ₹0.021 per share for payment delay, as stated in the highlights accompanying the announcement.

Corporate Makers Capital Limited is acting as the manager to the offer. The company disclosure also refers to a pre-offer public announcement submitted to BSE under Regulation 18(7), signalling the procedural steps being completed ahead of the tendering period.

Key terms of the open offer

The acquirers are seeking to purchase up to 3,77,44,200 equity shares, representing 26.00% of the company’s emerging equity and voting share capital. The total consideration for the open offer has been stated as approximately ₹9.44 crore (₹9,43,61,000). Payment is stated to be in cash, and the offer is described as a mandatory open offer under the SEBI (SAST) Regulations, 2011.

The open offer is also stated to be not conditional upon any minimum level of acceptance. Separately, it is noted that the listing status of the target company is intended to be retained.

Who the acquirers are, and the trigger for the offer

The acquirers named in the disclosure are Mr. Manoj Agrawal and Mr. Amit Kumar Saraogi. Persons Acting in Concert (PACs) listed alongside them include Mrs. Shikha Agrawal, M/s Manoj Agrawal HUF, and Mrs. Kanchan Saraogi.

The offer is described as being triggered by two linked transactions: a share purchase agreement (SPA) with the existing promoters Ashwani Kumar Gupta and Rita Gupta, and a proposed preferential allotment to the acquirers and their PACs.

Share purchase agreement and preferential allotment details

Under the SPA, the acquirers and PACs are stated to be acquiring 2,00,75,137 equity shares, equivalent to 13.83% of the emerging capital, from the existing promoters at ₹2.05 per share.

In addition, the company’s board has approved a preferential allotment of 8,00,00,000 equity shares, equivalent to 55.11% of the emerging capital, at ₹2.50 per share to the acquirers and PACs, subject to member approval.

Independent Directors Committee recommendation and publications

The Independent Directors Committee (IDC) of Cubical Financial Services Limited unanimously approved its recommendation on September 14, 2026. The committee evaluated the Public Announcement dated May 15, 2026, the Detailed Public Statement dated May 21, 2026, and the Letter of Offer dated September 9, 2026.

The formal publication of the IDC recommendation appeared in Business Standard across Hindi and English editions on September 15, 2026. The Mumbai edition’s publication was deferred to September 16, 2026 due to the Ganesh Chaturthi holiday. The disclosure notes that the company has been requested to disseminate the IDC’s stance widely for public awareness.

How shareholders can participate

Eligible equity shareholders can tender their shares through registered stock brokers during the tendering period. The schedule given in the disclosure places the tendering window from September 17, 2026 to September 30, 2026.

Shareholders typically rely on the letter of offer and broker instructions for operational steps such as placing the tender order, understanding settlement timelines, and confirming eligibility based on shareholding in demat accounts.

Post-transaction shareholding: what has been stated

The disclosures carry multiple stated post-completion shareholding outcomes. One statement indicates that, post-completion and assuming full acceptance, the aggregate shareholding of the new promoter group is projected to rise to 94.94% of the emerging equity and voting share capital. Another information note states that upon completion of the open offer and underlying transactions, the acquirers and PACs will collectively hold 68.94% of the emerging equity and voting share capital and become the new promoters, with existing promoters to be reclassified under the public category.

Given the difference between these figures, investors typically look to the formal offer documents cited in the disclosure, including the Letter of Offer dated September 9, 2026, for the definitive computation presented to the market.

Market context: price vs offer price

The disclosure also shows Cubical Financial Services Limited quoted at ₹5.73, up 0.53%, alongside the open offer coverage. Against that reference price, the offer price of ₹2.50 is substantially lower, though the article does not provide a specific comparison analysis or premium/discount calculation.

The company is described as being incorporated in 1990 and engaged in finance and investments, including acquisition of securities and lending of funds.

Other shareholder-facing update: physical shares re-lodgement window

Separately from the open offer, Cubical Financial Services Limited has reopened a special window from February 05, 2026 to February 04, 2027 for re-lodgement of physical share transfer requests originally submitted before April 01, 2019 but rejected or not processed due to document deficiencies. This initiative is stated to follow a SEBI circular dated January 30, 2026.

The company also disclosed that newspaper advertisements were published to inform shareholders, appearing in Financial Express (English, all editions) and Jansatta (Hindi, Delhi edition), in compliance with Regulation 30 and 47 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Key facts at a glance

Why this matters

Open offers can materially change control and the promoter classification of a listed company, and this offer is explicitly linked to an SPA with existing promoters and a proposed preferential allotment. For investors, the relevant checkpoints include the open offer price, the number of shares sought (26% of emerging equity), and the procedural timeline, including the tendering dates and the cited offer documents.

The next immediate milestone is the opening of the tendering window on September 17, 2026, after which shareholders can choose whether to tender their shares through registered brokers within the announced period.