Cubex Tubings Limited held a Board of Directors meeting on 14 October 2026, which commenced at 04:30 PM IST and concluded at 07:10 PM IST. The board considered and approved the raising of funds aggregating up to ₹75,00,00,000 (Seventy-Five Crore Rupees) by issuing up to 50,00,000 (Fifty Lakh) Convertible Warrants into Equity Shares of face value ₹10 each. The issue price is set at ₹150 per security, comprising a face value of ₹10 and a premium of ₹140.

The issue will be made to identified investors/eligible investors on a preferential placement basis, as detailed in the annexures. The price of ₹150 was proposed by the Board, noting that the valuation report from Saksham Valuer Private Limited (IBBI Number: IBBI/RV-E/02/2024/206, registered office at 4140, Eaze Zone Mall, Sunder Nagar, Malad West, Mumbai 400064) arrived at a value of ₹142.31.

Key Terms of the Issue

  • Instrument: Convertible Warrants
  • Conversion: Warrants are convertible into equity shares within 18 months from the date of allotment. Failure to convert within this period will result in expiry and forfeiture of any amount paid.
  • Payment Terms: 25% of the issue price is payable upfront, with the remaining 75% payable within 18 months.
  • Ranking: Equity shares arising from conversion will rank pari passu with existing equity shares.
  • Listing: The resultant equity shares will be listed on the NSE and BSE.
  • Relevant Date: 7 October 2026
  • Lock-in: Existing holdings of investors will be subject to lock-in requirements.
  • Change in Control: The issue will not result in a change of control.

Proposed Investors and Indicative Shareholding

Five investors have been identified for the preferential issue:

1. Cubex Securities Ltd (Promoter Category): 33,90,000 warrants for ₹50,85,00,000

2. Ajeet Modi (Non-Promoter): 6,00,000 warrants for ₹9,00,00,000

3. H & A Unicorns (Non-Promoter): 4,05,000 warrants for ₹6,07,50,000

4. Ruchas Ventures (Non-Promoter): 4,05,000 warrants for ₹6,07,50,000

5. Payal Tandan Shrivastava (Non-Promoter): 2,00,000 warrants for ₹3,00,00,000 [Note: The disclosed investment amount for 2,00,000 warrants at ₹150 each should be ₹3,00,00,000, matching the table header, but the investor table lists 42,00,000 warrants for ₹3,00,00,000, which is inconsistent. The summary preserves the data as presented.]

Indicative Capital Structure Impact

  • Pre-Issue Capital: 1,43,18,975 equity shares
  • Promoter and Promoter Group: 63,60,304 shares (44.42%)
  • Public: 79,58,671 shares (55.58%)
  • Post-Conversion Capital: 1,93,18,975 equity shares
  • Promoter and Promoter Group: 97,50,304 shares (50.47%)
  • Public: 95,68,671 shares (49.53%)

Indicative Investor Holdings Post-Conversion

| Investor | Pre-Issue Shares | Pre-Issue % | Post-Conversion Shares | Post-Conversion % |

| Cubex Securities Ltd | 18,67,395 | 13.04% | 52,57,395 | 28.00% |

| Ajeet Modi | 0 | 0 | 6,00,000 | 3.10% |

| H & A Unicorns | 5,500 | 0.038% | 4,05,000 | 2.12% |

| Ruchas Ventures | 0 | 0 | 4,05,000 | 2.09% |

| Payal Tandan Shrivastava | 0 | 0 | 2,00,000 | 1.03% |

Purpose of Fundraising

The entire proceeds of the issue (100%) are proposed to be utilized for the procurement and installation of a vacuum melting furnace at the company's new manufacturing facility. This includes associated costs for land, civil and electrical works, and other balancing equipment. The furnace is intended to enhance manufacturing capabilities for specialized products targeting the nuclear, electrical manufacturing, aerospace, defence, oil and gas, and other heavy engineering industries. It will process both ferrous-based special steels (titanium, nickel, chrome alloys) and non-ferrous metals (oxygen-free copper, Beryllium copper, zirconium/chrome alloys). The company notes it already possesses the necessary downstream processing equipment.

Approvals and Timetable

The proposed issue is subject to approval from the company's members (shareholders), necessary stock exchange approvals, and other required regulatory and statutory approvals. It will be undertaken in accordance with the Companies Act, 2013 and applicable SEBI regulations. Allotment is proposed to be completed within 15 days from the date of receipt of in-principle approval from the stock exchanges.

Other Board Action

The Board has deferred the Extraordinary General Meeting (EGM) that was scheduled to be held on 28 October 2026. No new date was announced.