The Independent Directors Committee (IDC) of Cubical Financial Services Limited has issued its recommendations regarding the open offer for the acquisition of up to 3,77,44,200 equity shares, representing 26.00% of the company’s emerging equity and voting share capital. The offer is being made by Mr. Manoj Agrawal and Mr. Amit Kumar Saraogi, along with their associated parties (PACS).
Independent Directors’ Recommendation on Open Offer
In a significant development for Cubical Financial Services Limited (CUBIFIN), the Committee of Independent Directors (IDC) has released its formal recommendations concerning the ongoing open offer. This offer aims for the acquisition of a substantial stake of up to 3,77,44,200 equity shares, which constitutes 26.00% of the company’s total emerging equity and voting share capital.
Acquirers and Associated Parties
The open offer is being spearheaded by Mr. Manoj Agrawal (Acquirer-1) and Mr. Amit Kumar Saraogi (Acquirer-2). They are further acting in concert with related entities identified as Persons Acting in Concert (PACS): ‘Mrs. Shikha Agrawal’ (PAC-1), ‘M/S Manoj Agrawal HUF’ (PAC-2), and ‘Mrs. Kanchan Saraogi’ (PAC-3). These recommendations are made pursuant to Regulation 26(7) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, and subsequent amendments.
Publication Details and Delays
The formal publication of the Independent Director Committee’s recommendation appeared in the Business Standard newspaper, across all Hindi and English editions, on September 15, 2026. However, due to the holiday for Ganesh Chaturthi, the Mumbai edition’s publication was deferred to September 16, 2026. The company has been requested to disseminate this information to the public, ensuring broad awareness of the IDC’s stance on the proposed acquisition.
Source: BSE
