Cubical Financial Services: ₹7.23 crore allotment in 2026

Overview of the announcement

Cubical Financial Services Limited has moved ahead with a promoter-linked capital infusion through a preferential allotment, while a mandatory open offer is also underway as part of a broader change-in-control process. The company disclosed that it allotted 2,89,00,000 fully paid-up equity shares at an issue price of ₹2.50 per share, aggregating to ₹7.23 crore. The allotment was made to promoters and promoter group entities, including Manoj Agrawal, Shikha Agrawal, Manoj Agrawal (HUF), and Kanchan Saraogi. The company said the BSE Limited granted in-principle approval for the allotment on July 30, 2026, and that the process also had prior approval from the Reserve Bank of India. This preferential issue is described as the first tranche under a larger authorisation to issue up to 8,00,00,000 equity shares.

Board approval and structure of the first tranche

The board of directors approved the first-tranche allotment at its meeting held on September 7, 2026. The issue price for this tranche was set at ₹2.50 per equity share, comprising a face value of ₹2 and a premium of ₹0.50. The company stated that the newly issued shares will rank pari passu with existing equity shares in all respects. The fundraising route is a private placement via preferential allotment. Based on the number of shares issued in this tranche, the company said it would raise ₹7.23 crore.

Allotment recipients and post-issue holdings

The disclosure lists four allottees, all classified as promoters or part of the promoter group. Manoj Agrawal received the largest allocation, followed by Kanchan Saraogi. The table below reflects the allotment breakup and the post-issue holdings as disclosed by the company.

Preferential issue cap and remaining allotment

Cubical Financial Services has disclosed an authorised preferential issue cap of 8.00 crore equity shares aggregating to ₹20.00 crore. With 2.89 crore shares allotted in the first tranche, a significant portion of the authorised cap remains to be allotted. The company said the balance will be issued upon receipt of further consideration within the timeline prescribed under Regulation 170 of the SEBI ICDR Regulations. The company has also described the current issuance as the first tranche of a larger capital raise authorised by shareholders.

Mandatory open offer: size, price, and dates

Alongside the preferential allotment, Cubical Financial Services is also in the middle of a mandatory open offer process. The open offer has been launched by Mr. Manoj Agrawal and Mr. Amit Kumar Saraogi to acquire up to 3,77,44,200 fully paid-up equity shares, representing 26.00% of the emerging equity and voting share capital. The offer price is set at ₹2.50 per share, payable in cash. The tendering period for the open offer is scheduled to commence on Thursday, September 17, 2026, and close on Wednesday, September 30, 2026. The maximum consideration for the open offer, assuming full acceptance, has been stated as approximately ₹9.44 crore.

What triggered the open offer

The open offer has been triggered by a share purchase agreement with existing promoters Ashwani Kumar Gupta and Rita Gupta, along with a proposed preferential allotment of up to 8,00,00,000 equity shares to the acquirers and their persons acting in concert (PACs). Under the share purchase agreement, the acquirers are purchasing 2,00,75,137 equity shares, representing 13.83% of the emerging equity and voting share capital, at a price of ₹2.05 per share. Separately, the company’s board has approved preferential issuance up to the stated 8.00 crore shares at ₹2.50 per share. Taken together, the structure reflects a combined route of acquisition through negotiated purchase and fresh issuance, followed by the mandatory open offer to public shareholders.

Equity capital changes highlighted in the filing

The filing also provides a snapshot of the company’s equity share capital before and after the preferential allotment. Before the acquisition referenced in the filing, the equity share capital was stated as ₹13,03,40,000, comprising 6,51,70,000 equity shares of ₹2 each. Following the allotment, the equity share capital increased to ₹18,81,40,000, consisting of 9,40,70,000 equity shares of ₹2 each. The disclosure also confirms an acquisition of 2,00,00,000 equity shares representing 21.26% of the total issued and paid-up share capital through preferential allotment on September 7, 2026.

Key numbers at a glance

The transaction has multiple moving parts, including the preferential allotment, the open offer, and the larger authorised preferential issue plan. The table below summarises the key factual datapoints disclosed by the company and in related filings.

Market context and investor-facing implications

For shareholders, the two most immediate reference points are pricing and dilution. The preferential allotment price and the open offer price are both set at ₹2.50 per share, while the disclosure includes a market quote showing the stock at ₹6.75, up ₹0.10 (1.50%). The preferential issue increases the number of outstanding shares, and the filing explicitly reports the jump in issued equity share capital post allotment. The company has also stated that it does not pay dividends to its shareholders, and the Basic EPS (TTM) shown in the provided data is ₹0.05.

From a process standpoint, the disclosures position the preferential allotment and the open offer as linked steps within a promoter transition. The company has indicated that the remaining balance under the 8.00 crore share authorisation will be allotted later, subject to receipt of consideration and regulatory timelines. The open offer dates provide a clear, near-term window for public shareholders to tender shares, should they choose to participate.

Conclusion

Cubical Financial Services has completed the first tranche of its preferential issue by allotting 2.89 crore shares at ₹2.50 per share and raising ₹7.23 crore from promoter-linked investors, following BSE’s in-principle approval dated July 30, 2026. In parallel, a 26% open offer at ₹2.50 per share is scheduled to run from September 17 to September 30, 2026, with maximum consideration stated at about ₹9.44 crore if fully accepted. The company has also reiterated that further allotments are pending under the larger 8.00 crore share preferential issue cap, subject to consideration being received within the prescribed SEBI ICDR timelines.