Cubical Financial Services Control Set to Change With ₹2.50 Open Offer

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AuthorKavya Nair|Published at:
Cubical Financial Services Control Set to Change With ₹2.50 Open Offer
Overview

Manoj Agrawal and Amit Kumar Saraogi, along with PACs, are launching an open offer to acquire up to 26% of Cubical Financial Services Ltd for ₹9.44 crore at ₹2.50 per share. This move, triggered by a 13.83% stake purchase and a proposed 55.11% preferential allotment, aims to transfer promoter control of the financial services firm. Shareholders will watch for EGM approval and post-offer compliance.

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Cubical Financial Services Ltd Faces Promoter Change Following Open Offer

Cubical Financial Services Ltd has announced an open offer to acquire up to 3,77,44,200 equity shares at ₹2.50 per share, representing a total value of ₹9.44 crore. This offer is part of a broader plan to facilitate a change in the company's promoter control.

Offer Details and Triggers

Manoj Agrawal and Amit Kumar Saraogi, along with Persons Acting in Concert (PACs), have initiated the open offer. The acquisition aims to secure up to 26% of the company's emerging equity capital. This action is triggered by their prior purchase of a 13.83% stake through a Share Purchase Agreement (SPA), which cost ₹4.12 crore, and a proposed substantial preferential allotment.

A significant preferential allotment of 8,00,00,000 shares, representing 55.11% of the company's equity, is planned for ₹20.00 crore. This allotment is contingent on obtaining shareholder approval.

New Promoter Control and Shareholder Impact

If successful, the acquirers and their PACs will collectively hold 68.94% of Cubical Financial Services, establishing them as the new promoters. The acquirers intend to maintain the company's listed status, providing existing minority shareholders an opportunity to tender their shares at the ₹2.50 offer price.

Cubical Financial Services operates as a non-banking financial company (NBFC) in India, engaged in lending and investment activities.

Key Risks and Next Steps

The success of the control transfer hinges on shareholder approval for the preferential allotment at the Extraordinary General Meeting (EGM) scheduled for June 15, 2026. Failure to secure this approval via a special resolution could halt the planned acquisition.

Furthermore, if the acquirers' combined stake surpasses 75% after the open offer and allotment, they will need to develop a strategy to comply with SEBI's Minimum Public Shareholding (MPS) regulations within the required timeframe.

The announcement date was May 15, 2026, with a detailed public statement expected by May 22, 2026. Investors will be watching the EGM outcome and subsequent regulatory filings.

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