CUBIFIN open offer 2026: dates, price, stake explained

Stock context and what changed

Cubical Financial Services Limited (CUBIFIN) entered a key phase of its change-in-control process as the mandatory open offer tendering window opened on September 17, 2026. The company’s share price was reported at ₹6.67 on September 17, 2026. The open offer, however, is priced at ₹2.50 per share, with an additional applicable interest of up to ₹0.021 per share linked to payment delay, as disclosed in the offer communication. This tender window runs until September 30, 2026. The process matters because the offer size is meaningful at 26.00% of the emerging equity and voting share capital, and the company has also carried out a preferential allotment at the same ₹2.50 price.

Independent Directors Committee recommendation

Cubical Financial Services disclosed that its Committee of Independent Directors (IDC) recommended shareholders consider the open offer. The offer is led by Mr. Manoj Agrawal and Mr. Amit Kumar Saraogi, along with persons acting in concert (PACs). The PACs listed include Mrs. Shikha Agrawal, M/S Manoj Agrawal HUF, and Mrs. Kanchan Saraogi. The recommendation indicates that the IDC reviewed the offer documentation and then issued its view for shareholders to consider during the tender period. While the disclosure does not compel participation, it formally frames the open offer as a shareholder decision point under the takeover framework.

Offer structure: size, price, and interest component

The acquirers are seeking to purchase up to 3,77,44,200 fully paid-up equity shares. This represents 26.00% of the company’s emerging equity and voting share capital. The cash offer price is ₹2.50 per equity share. In addition, an applicable interest of ₹0.021 per share is mentioned for payment delay, as per the open offer communication. The company has also stated that, assuming full acceptance, the maximum consideration for the open offer is approximately ₹9.44 crore.

Key dates shareholders need to track

The tendering period for the mandatory open offer begins on Thursday, September 17, 2026. It closes on Wednesday, September 30, 2026. The company also cited the underlying takeover document trail reviewed by the IDC: the Public Announcement dated May 15, 2026, the Detailed Public Statement dated May 21, 2026, and the Letter of Offer dated September 9, 2026. These dates help investors map how the transaction has progressed from initial disclosure to the formal tendering window.

How eligible shareholders can tender shares

Eligible equity shareholders can tender their shares through registered stock brokers during the tendering period. The disclosure specifies that shareholders holding shares in physical or dematerialized form are eligible to tender through this broker mechanism. Practically, this makes the tender process similar to other exchange-based open offer tendering windows where orders are placed via brokers within the stated dates. Shareholders who do not tender within the September 17 to September 30, 2026 window will not participate in this open offer.

Preferential allotment running alongside the open offer

Alongside the open offer, Cubical Financial Services completed the first tranche of a preferential issue. The company disclosed an allotment of 2,89,00,000 fully paid-up equity shares at an issue price of ₹2.50 per share. The aggregate amount raised through this tranche was stated at ₹7.23 crore. This preferential allotment followed BSE’s in-principle approval dated July 30, 2026. The company’s disclosures position the preferential issuance and the mandatory open offer as parallel elements of the broader promoter transition.

Regulatory and disclosure trail cited by the company

The open offer is stated to be made in compliance with Regulation 3(1) and Regulation 4 of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. A BSE update also referred to a Pre-Offer Public Announcement submitted under Regulation 18(7) of the same regulations, through Corporate Makers Capital Limited, identified as the Manager to the Offer. Separately, the company referenced an announcement under Regulation 30 (LODR) relating to newspaper publication for the open offer. Together, these references anchor the process in the standard takeover disclosure sequence: public announcement, detailed public statement, letter of offer, and tendering.

Escrow funding and stated maximum consideration

For shareholders, the funding and escrow disclosures are an important factual checkpoint. The company stated that the maximum consideration is approximately ₹9.44 crore if the open offer is fully accepted. It also disclosed that ₹2.41 crore has been deposited in an escrow account with ICICI Bank Limited. These figures do not indicate the final acceptance level, but they provide clarity on the maximum payout scenario and the escrow step mentioned in the disclosures.

Key facts at a glance

Market impact and what investors may watch next

The most visible market reference in the disclosure set is the gap between the open offer price (₹2.50 per share plus applicable interest of up to ₹0.021) and the reported share price of ₹6.67 on September 17, 2026. Separately, the transaction timeline is now concentrated around the tender window that closes on September 30, 2026. Investors tracking the process typically focus on whether shareholders tender in meaningful volumes and how the broader promoter transition develops, but this disclosure set does not provide acceptance data. The next confirmed step embedded in the current timeline is simply the close of the tendering period on September 30, 2026, following which outcomes would depend on the completion of the tendering and subsequent regulatory and procedural steps.