Cubical Financial Services Limited announced the reclassification of its promoters, Mr. Manoj Agrawal and Mr. Amit Kumar Saraogi, from the ‘Promoter’ category to the ‘Public’ category. This change follows the completion of an open offer where they acquired 2,00,75,137 equity shares. The company confirmed compliance with SEBI regulations regarding this reclassification, effective immediately.
Promoter Reclassification Confirmed
Cubical Financial Services Limited has officially communicated the reclassification of its key promoters, Mr. Manoj Agrawal and Mr. Amit Kumar Saraogi, from the ‘Promoter’ category to the ‘Public’ category. This significant change in shareholding structure is a direct result of the successful completion of an open offer. The Acquirers, Mr. Manoj Agrawal and Mr. Amit Kumar Saraogi, have acquired a total of 2,00,75,137 equity shares as per the Share Purchase Agreement executed on Friday, May 15, 2026.
Compliance with SEBI Regulations
The company has provided disclosures as per Regulation 31A(10)(ii) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. This reclassification was initially disclosed in the Letter of Offer dated September 09, 2026. The individuals undergoing reclassification have provided intent letters to move from the Promoter’s Category to the Public Category.
Following the open offer, the Acquirers are now classified as the promoters of Cubical Financial Services Limited. Correspondingly, Mr. Manoj Agrawal and Mr. Amit Kumar Saraogi, along with persons acting in concert, will now constitute the promoter group. This reclassification is effective immediately, aligning with the conditions set out in Regulation 31A(10) of the SEBI (LODR) Regulations.
Promoters’ Declarations
In accordance with Regulation 31A(3)(b) of the SEBI (LODR) Regulations, the promoters undergoing reclassification have confirmed several key points. These include not holding more than ten percent of the total voting rights, not exercising direct or indirect control over the company’s affairs, and not possessing any special rights. They have also confirmed that they will not be represented on the Board of Directors or act as Key Managerial Personnel for a period of three years from the date of reclassification. Furthermore, they declared they are not ‘will defaulters’ and not fugitive economic offenders.
Company Compliance Undertakings
Cubical Financial Services Limited also confirmed its compliance with Regulation 31A(3)(c) of the SEBI (LODR) Regulations. This includes adherence to minimum public shareholding requirements under Regulation 38, ensuring equity shares are not suspended from trading, and confirming no outstanding dues payable to SEBI, stock exchanges, or depositories.
Source: BSE
