Cubical open offer draws just 1,321 shares as acquirers already hold 68.94%
What's the deal? Manoj Agrawal and Amit Kumar Saraogi have taken control of Cubical Financial ServicesDealroom has a profile for this one. Try Dealroom →, but their mandatory open offer for up to 26% of the company drew almost no takers. Only 1,321 shares were tendered against the proposed 3,77,44,200 shares, at an offer price of US$0.03 each.
By the numbers: Actual consideration paid was US$45.2, including interest, versus a proposed maximum of US$1.29M. The offer ran from September 17 to September 30, 2026, with payment scheduled for October 15, 2026.
Why now? The acquirers had already secured control before the open offer opened. They started with nil shares, then built a combined holding of 10,00,76,458 shares — 68.94% of the company — through a preferential issue (55.11%) and a share purchase agreement (13.83%).
What changes? Public shareholders retain 4,50,94,863 shares, or 31.06% of equity. The existing promoter group has been reclassified into the public category. Had the open offer been fully subscribed, the acquirers' stake would have reached 94.94%.
What could go wrong? The near-total lack of participation suggests shareholders either saw the US$0.03 price as too low or chose to keep their minority stakes despite the change in control. The reclassification of former promoters also raises questions about compliance with minimum public shareholding norms.
The signal: The open offer functioned as a regulatory formality rather than a route to acquiring float. With control already locked in via the preferential issue and SPA, the mandatory offer's contribution was negligible — a pattern common when acquirers consolidate first and tender later.
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