Nature of Disclosure: Corrigendum to the Notice of an Extra-Ordinary General Meeting (EGM) scheduled for 06 November 2026, issued pursuant to observations/queries from BSE Limited and the National Stock Exchange of India Limited. The corrigendum provides clarifications and additional disclosures related to a proposed preferential issue of securities.
Key Quantitative Figures:
- The company is raising ₹75 Crore through a preferential issue of warrants.
- Total project cost is ₹87 Crore, with the balance ₹12 Crore to be arranged from company reserves.
- Fund utilization breakdown:
- ₹50 Crore for Land Cost and Civil/Electrical works (Utilization timeline: December 2026)
- ₹27 Crore for Vacuum Induction Melting Cost (Utilization timeline: July 2027)
- ₹10 Crore for Other Equipment (Utilization timeline: July 2027)
- Expected project trial: August/September 2027
- Issue price per share: ₹150
- Minimum price as per valuation report: ₹142.31
Parties Involved:
- Allottees in preferential issue:
- Cubex Securities Ltd (Promoter): 33,90,000 warrants
- Ajeet Modi (Non-Promoter): 6,00,000 warrants
- H & A Unicorns (Non-Promoter): 4,05,000 warrants
- Ruchas Ventures (Non-Promoter): 4,05,000 warrants
- Payal Tandan Shrivastava (Non-Promoter): 2,00,000 warrants
- Valuation provider: Saksham Valuers Private Limited (IBBI Reg. No: IBBI/RV-E/02/2024/206)
- Practicing Company Secretary: Sarada Putcha (Membership number: 21717; COP number: 8735)
Shareholding Impact:
- Pre-issue share capital: 1,43,18,975 shares
- Post-issue share capital (assuming full conversion of warrants): 1,93,18,975 shares
- Promoter group shareholding change: From 44.42% (63,60,304 shares) to 50.48% (97,50,304 shares)
- Specific allottee post-issue holdings:
- Cubex Securities Ltd: 27.21% (52,57,395 shares)
- Ajeet Modi: 3.11% (6,00,000 shares)
- H & A Unicorns: 2.12% (4,10,500 shares)
- Ruchas Ventures: 2.10% (4,05,000 shares)
- Payal Tandan Shrivastava: 1.04% (2,00,000 shares)
Lock-in Periods:
- Promoters/Promoter Group: Equity shares (including upon conversion) locked in for 18 months from trading approval (subject to 20% limit on total capital; excess locked in for six months)
- Non-promoter allottees: Equity shares (including upon conversion) locked in for six months from trading approval
- Unlisted warrants/convertible securities: Locked in for one year from allotment
- Existing shareholding: Allottees' entire pre-preferential shareholding locked in until 90 trading days from trading approval (for warrants: 90 trading days from allotment)
Regulatory References:
- Companies Act, 2013
- SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 (ICDR Regulations)
- Regulation 163, 167, and 168 of SEBI ICDR Regulations
- SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 (SAST Regulations)
Additional Confirmations:
- The company confirms none of its Promoters, Key Managerial Personnel, or Directors are wilful defaulters, fraudulent borrowers, or fugitive economic offenders.
- The preferential issue does not trigger an open offer under SEBI SAST Regulations.
- The company undertakes to recompute the price of specified securities where required under SEBI ICDR Regulations.
Document Availability:
- PCS compliance certificate, pricing workings, valuation report, Board approval, and Articles of Association are available for electronic inspection on the company's website.
- Valuation Report dated 14th October 2026 available at: https://www.cubextubings.com/wp-content/uploads/2026/10/Valuation-Report-Cubex-Tubing-Ltd.pdf
- Revised Valuation Report available at: https://www.cubextubings.com/wp-content/uploads/2026/10/ValuationReportCubexTubingsRevised-.pdf
- PCS Certificate available at: https://www.cubextubings.com/wp-content/uploads/2026/10/PCS-CERTIFICATE.pdf