Corporate Makers Capital Limited ("Manager to the Offer") has submitted to BSE a copy of Public Announcement in accordance with the Provisions of Regulations 3(1), 4 read with Regulations ....
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On the reaction day the stock moved 6.3 pts more than Nifty Microcap 250 and 6.1 pts more than its Non Banking Financial Company (NBFC) peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Two individuals, Mr. Manoj Agrawal and Mr. Amit Kumar Saraogi, along with three persons acting in concert (PACs), are acquiring control of Cubical Financial Services Limited, an NBFC listed on BSE. The transaction involves purchasing 13.83% stake (2 crore shares) from existing promoters Mr. Ashwani Kumar Gupta and Mrs. Rita Gupta at Rs 2.05 per share, plus a preferential allotment of 55.11% (8 crore new shares) at Rs 2.50 per share. This triggers a mandatory open offer for an additional 26% stake (3.77 crore shares) at Rs 2.50 per share, totaling Rs 9.44 crore. After completing all transactions, the Acquirers and PACs will hold 68.94% of the company, and the existing promoters will exit completely.
This open offer at Rs 2.50 per share gives public shareholders an opportunity to exit at a small premium. The complete promoter exit and new management taking over represents a significant change in company control, which may bring new business direction for this small NBFC.