Cubical Financial Services Limited board of directors approved the allotment of 2.89 crore equity shares on a preferential basis during its meeting held on September 7, 2026. The company will raise an aggregate amount of ₹7.23 crore through this private placement, marking the first tranche of a larger capital raise authorized by shareholders.

The shares were allotted at an issue price of ₹2.50 per equity share, which includes a premium of ₹0.50 over the face value of ₹2. This pricing aligns with Chapter V of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018. The board had previously received in-principle approval from BSE Limited on July 30, 2026, and regulatory clearance from the Reserve Bank of India on August 31, 2026, for changes in control and management.

Allotment Details

The allotment involves four investors, all classified as promoters or part of the promoter group. Manoj Agrawal emerges as the largest recipient in this tranche, followed by Kanchan Saraogi. The remaining balance of the authorized 8 crore equity shares will be allotted upon receipt of further consideration within the prescribed timeline under Regulation 170 of the SEBI ICDR Regulations.

SAST Disclosure by Manoj Agrawal and PACs

Manoj Agrawal, along with Persons Acting in Concert (PAC) Mrs. Shikha Agrawal and Manoj Agrawal (HUF), submitted a disclosure under Regulation 29(1) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, on September 9, 2026. The filing confirms the acquisition of 2 crore equity shares representing 21.26% of the total issued and paid-up share capital through preferential allotment on September 7, 2026.

According to the SAST filing, the acquirer group did not hold any shares or voting rights in the company prior to this acquisition. Post-acquisition, their combined holding stands at 2 crore shares carrying voting rights, with no encumbrances or convertible securities. The equity share capital of Cubical Financial Services increased from ₹13.03 crore (6.51 crore shares) before the acquisition to ₹18.81 crore (9.40 crore shares) after the allotment.

The breakdown of the acquisition by the Manoj Agrawal consortium is as follows:

Regulatory Compliance

The disclosure was made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. As an NBFC registered with the RBI, Cubical Financial Services obtained prior approval for the change in control vide letter dated August 31, 2026. The new shares rank pari passu with existing equity shares in all respects. The company intends to apply for listing approval of these newly allotted shares with the stock exchange in due course.

Kanchan Saraogi also submitted a separate disclosure under Regulation 29(1) of the SEBI SAST Regulations on September 9, 2026. Her filing confirms the acquisition of 89 lakh equity shares representing 9.46% of the total issued and paid-up share capital. She did not hold any shares prior to this acquisition.

Cubical Financial Services will hold its 36th Annual General Meeting on September 28, 2026, at 2:00 pm via video conferencing. The meeting will address the re-appointment of key leadership and the adoption of financial statements for FY26.

Leadership Re-Appointment

The Board seeks shareholder approval for the re-appointment of Ashwani Kumar Gupta as Executive Chairman and Managing Director for a further period of five years, commencing October 1, 2026, and ending September 30, 2031. This follows his initial appointment in October 2021.

Mr. Gupta, aged 63, brings approximately 39 years of industry experience. He currently holds 1,63,83,572 equity shares in the company. His remuneration is capped at ₹24 lakh per annum. The Nomination and Remuneration Committee recommended the re-appointment based on his long-standing involvement in company operations.

Other Agenda Items

The AGM will also see the re-appointment of Mrs. Jyoti Choudhary as a director by rotation. Mrs. Choudhary, who holds no shares in the company and receives no remuneration, was first appointed in July 2023. She attended all six board meetings during the year.

Additionally, shareholders will receive, consider, and adopt the audited financial statements for the fiscal year ended March 31, 2026, along with the reports of the Board of Directors and auditors.

Voting and Participation Details

The meeting will be conducted through Video Conferencing/Other Audio Video Means (VC/OAVM) without physical presence. The cut-off date for e-voting is Monday, September 21, 2026. Remote e-voting will commence at 9:00 am on Friday, September 25, 2026, and conclude at 5:00 pm on Sunday, September 27, 2026.

Central Depository Services (India) Limited (CDSL) is facilitating the remote e-voting process. Mr. Mukesh Agarwal, a Practicing Company Secretary, has been appointed as the Scrutinizer to ensure a fair voting process. Shareholders holding shares in demat mode can log in via CDSL or NSDL platforms using their existing credentials.