Cubical Financial Services raises ₹20 crore in 2026

Second tranche allotment clears board approval

Cubical Financial Services Limited has completed the second tranche of its preferential issue, allotting 5,11,00,000 equity shares, or 5.11 crore shares, at an issue price of ₹2.50 per share. The board approved the allotment at its meeting held on September 14, 2026. The tranche raised ₹12.78 crore, based on the allotment size and issue price disclosed by the company. The pricing matched the first tranche, which was also issued at ₹2.50 per share. The company said the allotment followed in-principle approval from BSE Limited and prior approval from the Reserve Bank of India. With this tranche, the company completed the authorised issuance under the plan of up to 8.00 crore equity shares. The preferential issue is structured as a private placement.

How the preferential issue was structured

The preferential issue was disclosed as an authorisation to issue up to 8,00,00,000 equity shares. At an issue price of ₹2.50 per share, the authorised cap aggregates to ₹20.00 crore. The company executed this fundraising in two tranches, both priced at ₹2.50 per share. In the first tranche, Cubical Financial Services allotted 2,89,00,000 equity shares, or 2.89 crore shares, raising ₹7.23 crore. In the second tranche, it allotted 5.11 crore shares, raising ₹12.78 crore. Taken together, the two tranches add up to the 8.00 crore shares under the authorisation and total proceeds of ₹20.00 crore. The company also stated that the newly issued shares rank pari passu with existing equity shares in all respects. The issue price disclosed for the first tranche included a face value of ₹2 per share and a premium of ₹0.50 per share.

Who received shares in the second tranche

The company disclosed key allottees in the second tranche. Manoj Agrawal was allotted 2,00,00,000 equity shares, or 2.00 crore shares. Amit Kumar Saraogi was allotted 3,11,00,000 equity shares, or 3.11 crore shares. These two allotments account for the 5.11 crore shares issued in the second tranche. The company also stated that Manoj Agrawal and Amit Kumar Saraogi are among the allottees under the preferential issue. Their status is to be reclassified as promoters upon completion of an ongoing open offer process, as per the disclosure.

First tranche details and regulatory clearances

The first tranche was approved at the board meeting held on September 7, 2026. In that tranche, the company allotted 2.89 crore fully paid-up equity shares at ₹2.50 per share and raised ₹7.23 crore. The company said BSE granted in-principle approval for the allotment on July 30, 2026. It also disclosed that the process had prior approval from the Reserve Bank of India. The first tranche allotment was made to promoter and promoter group entities, including Manoj Agrawal, Shikha Agrawal, Manoj Agrawal (HUF), and Kanchan Saraogi. The company described this first tranche as part of a larger preferential issue authorised earlier by shareholders. The first tranche pricing detail also specified the premium component, which was ₹0.50 over the ₹2 face value.

Open offer dates, size, and price

Alongside the preferential allotment, Cubical Financial Services disclosed a mandatory open offer that is scheduled to open for tendering on September 17, 2026, and close on September 30, 2026. The open offer is priced at ₹2.50 per share. It seeks to acquire up to 3,77,44,200 equity shares, representing 26.00% of the emerging equity and voting share capital. The open offer is launched by Mr. Manoj Agrawal and Mr. Amit Kumar Saraogi. The company linked the trigger for the acquisition to a share purchase agreement with existing promoters Ashwani Kumar Gupta and Rita Gupta, along with the proposed preferential allotment of 8.00 crore equity shares to the acquirers and their persons acting in concert (PACs). The company also stated that the promoter reclassification of certain allottees will follow completion of the open offer process.

Disclosures filed under SEBI SAST regulations

The disclosures referenced in the announcement include filings under the SEBI SAST Regulations, 2011. Manoj Agrawal filed a disclosure under Regulation 29(2) dated September 16, 2026. The filing confirmed acquisition of 2.00 crore shares, described as 13.77%, through the preferential allotment dated September 14, 2026. Separately, the disclosures also state that Manoj Agrawal, along with his PACs, acquired 20,000,000 equity shares through a preferential allotment on September 7, 2026, and that this represented 21.26% of the total issued and paid-up share capital, as described in that disclosure. The same set of disclosures included details on Kanchan Saraogi’s acquisition of 89,00,000 equity shares through a preferential allotment on September 7, 2026, representing 9.46% of the company’s issued and paid-up share capital.

Share capital figures mentioned in the filings

The disclosures also provided a snapshot of equity share capital before and after an allotment event. Before the acquisition described in the filing, the equity share capital was stated as ₹13.03 crore, comprising 6,51,70,000 equity shares of ₹2 each. Following the allotment, equity share capital was stated as ₹18.81 crore, consisting of 9,40,70,000 equity shares of ₹2 each. The filing also stated that total diluted share capital of the target company after the acquisition stands at ₹18.81 crore, comprising 9,40,70,000 equity shares of ₹2 each. These figures were presented as part of the regulatory disclosures and relate to the company’s capital structure after the preferential allotment.

Key numbers at a glance

Why the development matters for shareholders

The disclosures set out a clear sequence: two tranches of preferential allotment at a fixed price, followed by an open offer for public shareholders. The completion of the 8.00 crore share issuance indicates the company has finished the fundraising amount it had disclosed under the preferential issue authorisation. The open offer terms provide shareholders with a defined tender window and price. The company also flagged that promoter classification changes for certain allottees are linked to completion of the open offer process. For investors tracking the stock, the key reference points in the disclosures are the allotment dates, the issue price, the number of shares issued, and the open offer size as a percentage of emerging voting capital.

Conclusion

Cubical Financial Services has completed its preferential issue by allotting 5.11 crore shares in the second tranche at ₹2.50 per share, taking total proceeds from both tranches to ₹20.00 crore. The next dated event disclosed is the open offer tendering window from September 17, 2026 to September 30, 2026 at ₹2.50 per share.