REVISED NOTICE OF EXTRA-ORDINARY GENERAL MEETING TO BE HELD ON 15TH JUNE 2026
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Cubical Financial Services Ltd has called an EGM on June 15, 2026, to consider four items of business. The first item seeks shareholder approval to more than double the authorised share capital from Rs. 13.51 crore to Rs. 29.51 crore by creating additional 8 crore equity shares of Rs. 2 each. The second and most significant item is a preferential issue of up to 8 crore equity shares at Rs. 2.50 per share (including Rs. 0.50 premium), raising Rs. 20 crore from five proposed allottees – Manoj Agrawal (3.11 crore shares), Amit Kumar Saraogi (3.11 crore shares), Shikha Agrawal (44.5 lakh shares), Manoj Agrawal HUF (44.5 lakh shares), and Kanchan Saraogi (89 lakh shares). Items 3 and 4 are resolutions to adopt new Memorandum and Articles of Association compliant with the Companies Act, 2013. The original notice contained a clerical error classifying Items 3 and 4 as Ordinary Resolutions when they should be Special Resolutions – this revised notice corrects that error. Voting will be conducted electronically from June 12-14, 2026, with a cut-off date of June 8, 2026.
The preferential issue will be highly dilutive to existing shareholders, potentially increasing share count by over 100% based on the new authorised capital. The two largest allottees (Manoj Agrawal and Amit Kumar Saraogi) receiving 6.22 crore shares each suggests a potential change in the company's ownership structure. The capital increase signals expansion plans but will significantly dilute existing shareholder value unless the funds are used to generate returns.