Cubical Financial Services raises ₹20 cr in 2026 issue

What the company approved on September 14, 2026

Cubical Financial Services Limited approved the second tranche of its preferential issue on September 14, 2026, completing the company’s authorised issuance of equity shares under the plan. The board cleared the allotment of 5.11 crore equity shares at an issue price of ₹2.50 per share. The second tranche raised ₹12.78 crore and took the total funds raised across both tranches to ₹20 crore. The issue price of ₹2.50 per share is also the reference price used for the ongoing open offer connected to the change-in-control process. The company’s disclosures position the preferential allotment and the open offer as parallel steps in a broader promoter-linked transaction.

Second-tranche allotment: size, price, and proceeds

In the second tranche, Cubical Financial Services allotted 5,11,00,000 equity shares (5.11 crore) at ₹2.50 each. This translates into gross proceeds of ₹12.78 crore (₹12.775 crore as stated in rupee terms). The company indicated that the second tranche followed in-principle approval from BSE Limited and approval from the Reserve Bank of India (RBI). With this allotment, the company completed the overall preferential issue approved for up to 8,00,00,000 equity shares (8 crore shares). Across the two tranches, the company reported a total capital raise of ₹20 crore.

Who received shares in Tranche II

The second tranche involved two investors: Manoj Agrawal and Amit Kumar Saraogi. Both are currently classified as public shareholders in the disclosures, with a note that they will be reclassified as promoters upon completion of the ongoing open offer process under SEBI SAST Regulations. Manoj Agrawal received 2,00,00,000 equity shares (2 crore) in the second tranche. Amit Kumar Saraogi received 3,11,00,000 equity shares (3.11 crore). Post-issue holding disclosed for each of them is 21.42%, taking their combined disclosed holding to 42.84%.

First tranche recap and how it links to the total raise

The second tranche comes after an earlier allotment approved by the board at its meeting held on September 7, 2026. In that first tranche, the company allotted 2,89,00,000 fully paid-up equity shares at ₹2.50 per share, aggregating to ₹7.23 crore. The company also disclosed the price structure for that tranche as a face value of ₹2 and a premium of ₹0.50 per share. It stated that the newly issued shares would rank pari passu with existing equity shares in all respects. Together, the first tranche (2.89 crore shares) and second tranche (5.11 crore shares) complete the approved issuance of 8 crore shares.

Open offer: what shareholders are being asked to consider

Alongside the preferential allotment, Cubical Financial Services is in the open-offer stage of a change-in-control process. The company’s Committee of Independent Directors (IDC) recommended that shareholders consider a mandatory open offer led by Manoj Agrawal and Amit Kumar Saraogi, along with persons acting in concert (PACs). The IDC described the proposed open offer as “fair and reasonable,” and the recommendation was approved unanimously on September 14, 2026. The open offer is for the acquisition of up to 3,77,44,200 fully paid-up equity shares, representing 26.00% of the company’s emerging equity and voting share capital.

Offer price, tender window, and maximum consideration

The open offer price is ₹2.50 per equity share and is payable in cash. The disclosures also mention an applicable interest of ₹0.021 per share linked to an RBI approval-related delay. The tendering period is scheduled to open on September 17, 2026 and close on September 30, 2026. If the open offer is fully accepted, the maximum consideration is stated to be about ₹9.44 crore, based on the offer size and price terms mentioned. These details matter for shareholders assessing the cash exit route and the alignment between the preferential allotment price and the open offer price.

Why the preferential issue and open offer are being tracked together

The disclosures frame the transaction as a coordinated change-in-control process structured around two connected steps: preferential allotment of equity shares and a mandatory open offer under SEBI SAST Regulations. The preferential allotment increases the acquirers’ ownership base, while the open offer provides an avenue for eligible public shareholders to tender shares at a disclosed price. The note that the two second-tranche allottees are currently public shareholders but will be reclassified as promoters after the open offer process concludes adds an additional governance and ownership-change angle. The IDC’s unanimous recommendation on the open offer also places the independent directors’ review at the center of the process.

Market and investor takeaways from the disclosed numbers

From the company’s filings, the key datapoints are the completion of the 8 crore share issuance and the total funds raised of ₹20 crore across two tranches. The issue price of ₹2.50 per share is consistent across both the preferential allotment and the open offer, which reduces pricing complexity for shareholders comparing the two actions. The disclosed post-issue holdings of 21.42% each for Manoj Agrawal and Amit Kumar Saraogi following Tranche II, and their combined 42.84% figure in the allotment table, underscore the scale of ownership concentration emerging from the capital raise. Separately, the open offer size of 26% of emerging voting capital and the tender window from September 17 to September 30, 2026 define the immediate timeline for shareholder action.

Conclusion

Cubical Financial Services has completed the second tranche of its preferential issue, raising ₹12.78 crore and finishing the approved 8 crore share issuance for a total of ₹20 crore. With the open offer scheduled to run from September 17 to September 30, 2026 at ₹2.50 per share (plus disclosed interest), the next key milestone is shareholder participation in the tender process and the subsequent promoter reclassification referenced in the disclosures.