Cubical Financial Services raises ₹20 crore in 2026

Key development: preferential issue plan completed

Cubical Financial Services Limited has completed its authorised preferential issue after allotting the second and final tranche of equity shares. The company allotted 5,11,00,000 equity shares (5.11 crore) at an issue price of ₹2.50 per share, raising ₹12.78 crore in gross proceeds. This allotment followed in-principle approval from BSE Limited and prior approval from the Reserve Bank of India, as disclosed by the company.

With the tranche II allotment, the company finished the overall preferential issue approved for up to 8,00,00,000 equity shares (8 crore shares). Across the two tranches, Cubical Financial Services reported total funds raised of ₹20 crore.

Board approval date and tranche structure

The board of directors approved the second-tranche allotment at its meeting held on September 14, 2026. The issue price of ₹2.50 per equity share in tranche II was stated as consistent with the first tranche that was allotted earlier.

The preferential issue was executed in two steps. The first tranche was approved and allotted on September 7, 2026, and the second tranche was approved and allotted on September 14, 2026. The company has described the transaction as a private placement through preferential allotment.

Tranche II: number of shares and amount raised

In tranche II, Cubical Financial Services allotted 5.11 crore equity shares at ₹2.50 each. The company disclosed the aggregate amount for this tranche as ₹12,77,50,000, which aligns with the stated ₹12.78 crore proceeds.

The allotment in tranche II involved two investors: Manoj Agrawal and Amit Kumar Saraogi. The company also disclosed that, after this allotment, it has completed the overall authorised issuance under the preferential issue plan.

Tranche I recap: issue price and allottees

The first tranche was allotted on September 7, 2026. Cubical Financial Services 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 company specified that the issue price included a premium of ₹0.50 over the face value of ₹2 per share.

The tranche I allotment was made to promoter and promoter group entities, including Manoj Agrawal, Shikha Agrawal, Manoj Agrawal (HUF), and Kanchan Saraogi. The company stated that 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.

Investor-wise allotment and disclosed post-issue holdings

For tranche I, the company disclosed an investor-wise breakup and post-issue holding percentages for the allottees classified as promoters or promoter group.

For tranche II, the disclosure states that Manoj Agrawal received 2,00,00,000 equity shares (2 crore) in the second tranche. It also states a post-issue holding disclosed for each of the two tranche II investors as 21.42%, taking their combined disclosed holding to 42.84%.

Separately, the article text also mentions that Amit Kumar Saraogi made a disclosure regarding acquisition of 3.11 crore shares (21.42%) via preferential allotment on September 14, 2026.

Change-in-control context and open offer trigger

Cubical Financial Services is described as being in a change-in-control process structured around a preferential allotment and a mandatory open offer. The open offer is stated to be payable in cash at ₹2.50 per equity share.

The open offer has been triggered by a share purchase agreement with existing promoters Ashwani Kumar Gupta and Rita Gupta, alongside the proposed preferential allotment of 8,00,00,000 equity shares to the acquirers and their persons acting in concert (PACs).

The open offer seeks to acquire up to 3,77,44,200 equity shares, as disclosed in the provided text.

SEBI disclosures cited in the updates

Multiple disclosures under SEBI regulations were referenced in the text. Manoj Agrawal, along with PACs Mrs. Shikha Agrawal and Manoj Agrawal (HUF), submitted a disclosure under Regulation 29(1) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, on September 9, 2026, covering the first tranche.

Amit Kumar Saraogi submitted a separate disclosure under Regulation 29(1) of the SEBI SAST Regulations, 2011, on September 16, 2026, regarding his acquisition via preferential allotment on September 14, 2026. The same set of updates also states that the company’s disclosure for the second tranche was made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

In addition, the text states that Manoj Agrawal filed a disclosure under Regulation 29(2) of the SEBI SAST Regulations, 2011, on September 16, 2026, confirming acquisition of 2 crore shares (13.77%) through the preferential allotment on September 14, 2026.

Capital structure figures mentioned in the disclosure text

The provided text also includes capital structure figures linked to a preferential allotment disclosure. It states that the equity share capital of Cubical Financial Services Limited before an acquisition was ₹13,03,40,000, comprising 6,51,70,000 equity shares of ₹2 each. Following the allotment, it states the equity share capital increased to ₹18,81,40,000, consisting of 9,40,70,000 equity shares of ₹2 each.

These figures were presented as part of the acquisition disclosure context in the provided material.

Summary table: tranches, pricing, and proceeds

What this means for shareholders and the process ahead

The completion of the preferential issue closes the equity issuance leg of the company’s stated plan for up to 8 crore shares. The disclosures also connect this issuance to a broader change-in-control process involving an open offer, with the offer price stated at ₹2.50 per share and the size stated as up to 3,77,44,200 shares.

The text further indicates that Manoj Agrawal and Amit Kumar Saraogi are among the allottees and that their status will be reclassified as promoters upon completion of an ongoing open offer process. Investors tracking the company will likely focus on subsequent updates tied to the open offer mechanics and any formal reclassification filings, as and when disclosed.

Conclusion

Cubical Financial Services has completed its two-tranche preferential issue by allotting 5.11 crore shares in tranche II at ₹2.50 per share, taking total proceeds across both tranches to ₹20 crore. The company’s disclosures link the capital raise to a change-in-control process that includes a mandatory open offer, with further steps dependent on the open offer’s completion and related regulatory filings.