Cubical Financial Services: ₹7.23cr Preferential Issue 2026

Board clears first-tranche allotment

Cubical Financial Services Limited said its board has approved the allotment of 2.89 crore equity shares on a preferential basis. The decision was taken at the board meeting held on September 7, 2026. The company disclosed the development under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. This allotment represents the first tranche of a larger preferential issue that had been authorised by shareholders earlier. The newly issued shares will rank pari passu with existing equity shares in all respects.

Issue size, pricing, and proceeds

The preferential shares in this tranche were issued at ₹2.50 per equity share. 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 will raise ₹7.23 crore from this first tranche. The company stated that the pricing aligns with Chapter V of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018. The transaction is structured as a private placement through preferential allotment.

Promoter participation and allotment mix

The allotment in the first tranche involves four investors, all classified as promoters or part of the promoter group. Manoj Agrawal received the largest number of shares in this tranche, followed by Kanchan Saraogi. Shikha Agrawal and Manoj Agrawal (HUF) were also allotted shares. Post-issue, the four allottees together account for 31.00% holding as per the disclosed table. The company’s disclosure positions this as a promoter-led capital infusion rather than a public fundraising exercise.

Key regulatory and exchange approvals cited

Cubical Financial Services said it had received in-principle approval from BSE Limited on July 30, 2026. The company also received regulatory clearance from the Reserve Bank of India on August 31, 2026, for changes in control and management. These approvals were referenced as part of the broader process around the preferential issue and the related control change. The company indicated that the remaining balance from the authorised cap of 8 crore equity shares will be allotted later. This subsequent allotment will be subject to receipt of further consideration within the prescribed timeline under Regulation 170 of the SEBI ICDR Regulations.

What remains pending under the 8 crore share authorisation

Shareholders had authorised a larger preferential issue of up to 8.00 crore equity shares at ₹2.50 per share, aggregating to ₹20.00 crore. With 2.89 crore shares allotted in the first tranche, the balance of shares within the 8 crore cap is yet to be allotted. The company said the remaining shares will be allotted upon receipt of further consideration within the permitted timeframe. The disclosure links the overall plan to a broader capital raise and control transition that also includes an open offer process. The company also previously proposed increasing its authorised share capital from ₹13.51 crore to ₹29.51 crore.

Shareholder approvals and EGM voting outcome

The company disclosed voting results for an Extraordinary General Meeting held on June 15, 2026. As per the disclosure, shareholders approved key resolutions including issuance of equity shares by way of preferential issue and related corporate changes. The approval rate reported was 99.99% of votes cast across resolutions. One of the items disclosed for the preferential issue resolution showed 22,305,688 votes in favour against 1,429 votes, with 99.99% approval. The EGM agenda also included updates to the company’s constitutional documents, including the Memorandum and Articles of Association in line with the Companies Act, 2013.

Open offer and SPA context disclosed earlier

Separately, Manoj Agrawal and Amit Kumar Saraogi had announced an open offer to acquire up to 3,77,44,200 fully paid-up equity shares, representing 26% of the emerging equity and voting share capital. The open offer price was set at ₹2.50 per share, and the total offer value was disclosed at ₹9.44 crore. The open offer was stated to be pursuant to a Share Purchase Agreement signed on May 15, 2026, with existing promoters Mr. Ashwani Kumar Gupta and Mrs. Rita Gupta. Under the SPA, the acquirers were purchasing 2,00,75,137 equity shares representing 13.83% at ₹2.05 per share, with the cost disclosed at ₹4.12 crore. The tendering period for the open offer was scheduled to commence on July 9, 2026 and close on July 22, 2026, and the offer was stated to be not conditional upon any minimum level of acceptance.

Key facts snapshot

Market impact

The immediate, measurable impact disclosed by the company is the equity issuance of 2.89 crore shares and the resulting ₹7.23 crore inflow for the first tranche. The pricing at ₹2.50 per share is consistent across the preferential issue and the open offer price disclosed earlier, which reduces uncertainty around the transaction’s headline valuation. The company also linked the broader transaction structure to regulatory steps, including BSE in-principle approval and RBI clearance for change in control and management. Beyond these disclosed facts, the company did not provide trading-day stock reaction or updated financial performance numbers in the provided disclosure. It also did not disclose a revised post-allotment shareholding pattern beyond the post-issue holding percentages for the allottees in the table.

Analysis: why the preferential tranche matters

This first-tranche allotment signals execution progress on a shareholder-approved plan to raise up to ₹20.00 crore through a preferential issue of up to 8.00 crore shares. The participation being entirely from promoters and the promoter group indicates that the capital raise is tied closely to the control and management changes referenced in the RBI approval. The company’s disclosures connect the preferential issue, the SPA, and the open offer into a single sequence of corporate actions that together can reshape ownership. The company also highlighted compliance references including Chapter V of SEBI ICDR Regulations, 2018 and the timeline mechanism under Regulation 170 for the remaining allotment. With authorised share capital proposed to be increased from ₹13.51 crore to ₹29.51 crore, the structure is designed to accommodate the larger equity issuance.

Conclusion

Cubical Financial Services has moved ahead with the first tranche of its preferential issue by allotting 2.89 crore shares at ₹2.50 each to four promoter-linked investors, raising ₹7.23 crore. The company has cited earlier BSE and RBI approvals as part of the control-change and issuance process. The remaining shares within the 8 crore authorised cap are expected to be allotted later after receipt of further consideration within the SEBI ICDR-prescribed timeline. Investors will watch for subsequent tranche allotments and the next formal disclosures linked to completion of the broader preferential issue and the associated open offer process.