The Committee of Independent Directors (IDC) for Cubical Financial Services Limited has issued its recommendations regarding the ongoing open offer by Mr. Manoj Agrawal and Mr. Amit Kumar Saraogi. The IDC has found the offer price of ₹2.50 per equity share, along with applicable interest of up to ₹0.021, to be fair and reasonable. This recommendation is based on a review of relevant documents and SEBI SAST Regulations, aiming to assist public shareholders in making an informed decision.
Independent Directors’ Recommendation on Open Offer
The Committee of Independent Directors (IDC) of Cubical Financial Services Limited has formally recommended the terms of the open offer for the acquisition of up to 3,77,44,200 equity shares, representing 26% 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 persons acting in concert (PACs).
Offer Price Assessment
In their assessment, the IDC has evaluated the offer price of ₹2.50 per equity share, noting it aligns with SEBI (SAST) Regulations, 2011. Additionally, an applicable interest of up to ₹0.021 per equity share is to be paid to shareholders whose shares are accepted under the offer, compensating for a delay in payment. The IDC confirmed that the offer price is higher than the highest negotiated price (₹2.05) and the volume-weighted average market price (₹2.18) for the sixty trading days preceding the public announcement.
Fairness and Reasonableness
The committee concluded that the open offer is fair and reasonable. They have also confirmed that no complaints have been received from shareholders regarding the offer process, valuation price, or method of valuation. The IDC’s statement of recommendation will be made available on the target company’s website, www.cubical90.com.
Key Dates and Details
The revised schedule of activities indicates that the offer opening date is September 17, 2026, and the offer closing date is September 30, 2026. The dispatch of the Letter of Offer to eligible equity shareholders was completed by September 9, 2026.
Source: BSE
