Cubical Financial's promoters back $72M preferential issue as RBI clears control change
What's the deal? Cubical Financial ServicesDealroom has a profile for this one. Try Dealroom →, an NBFC registered with the Reserve Bank of IndiaDealroom has a profile for this one. Try Dealroom →, has approved the allotment of 2.89 crore equity shares on a preferential basis, raising ₹7.23 crore ($72 million). Its board cleared the private placement on September 7, 2026. Four promoters subscribed, led by Manoj Agrawal, alongside Kanchan Saraogi, Shikha Agrawal, and Manoj Agrawal (HUF).
Why now? The Reserve Bank of India cleared a change in control and management at the company on August 31, 2026. BSE LimitedDealroom has a profile for this one. Try Dealroom → had granted in-principle approval on July 30, 2026.
What's the endgame? The shares were priced at ₹2.50 each — a ₹0.50 premium over the ₹2 face value — under Chapter V of the SEBI ICDR Regulations, 2018. This tranche is the first draw against a shareholder-authorised cap of 8 crore equity shares; the balance will be allotted later within the prescribed timeline.
By the numbers: The raise ranks in the 95th percentile by size among private placement, non-VC rounds in the region over the trailing 48 months, drawn from a sample of 5,673 deals. The new shares rank pari passu with existing equity, and the company plans to seek listing approval in due course.
The signal: With regulators signing off on the change in control and promoters funding the raise themselves, Cubical is consolidating ownership under new leadership before deploying the fresh capital.
Image credit: Generated with Gemini
