Cubical Financial Services Limited Open Offer Recommendation

Corporate Makers Capital Limited (SEBI Merchant Banker Reg. No. INM000013095) submitted a letter to BSE Limited on September 15, 2026, regarding the open offer for Cubical Financial Services Limited (CUBIFIN).

The open offer is for the acquisition of up to 3,77,44,200 equity shares, representing 26.00% of the emerging equity and voting share capital, by Mr. Manoj Agrawal (Acquirer-1) and Mr. Amit Kumar Saraogi (Acquirer-2), together with Persons Acting in Concert (PACs) Mrs. Shikha Agrawal (PAC-1), M/S Manoj Agrawal HUF (PAC-2), and Mrs. Kanchan Saraogi (PAC-3), under Regulation 26(7) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.

The Committee of Independent Directors (IDC) comprised Mr. Subhash Kumar Changoiwala and Mr. Ram Gopal Dalmia, both non-executive independent directors. None of the IDC members hold any equity shares in the Target Company (TC) or have any relationship with the TC, acquirers, or PACs. No trading in equity shares by IDC members in the 12 months prior to the public announcement.

The IDC reviewed the Public Announcement (PA) dated May 15, 2026, Detailed Public Statement (DPS) dated May 21, 2026, Draft Letter of Offer (DLoF) dated May 29, 2026, and Letter of Offer (LoF) dated September 09, 2026. The offer price is ₹2.50 per equity share, with applicable interest of ₹0.021 per equity share computed at 10% per annum for delay in payment.

The IDC unanimously recommended the offer as fair and reasonable, based on the following reasons:

  • The offer price is in accordance with Regulation 8(2) of SEBI SAST Regulations.
  • The applicable interest of up to ₹0.021 per share is offered for delay in payment as per SEBI requirements.
  • The offer price of ₹2.50 is higher than the highest negotiated price per share under the agreement triggering the offer obligation, which is ₹2.05 per share.
  • The offer price is higher than the volume-weighted average market price (VWAP) of equity shares for the 60 trading days immediately preceding the PA date on BSE, which is ₹2.18 per share.
  • The offer price is higher than the price payable under the proposed preferential issue, which is ₹2.44 per equity share.

The IDC confirmed that the Target Company has not received any complaints from shareholders regarding the open offer process. The recommendation was published in Business Standard Newspaper (Hindi and English All Editions) on September 15, 2026, except for the Mumbai edition, which was published on September 16, 2026, due to the Ganesh Chaturthi holiday.

Manager to the Offer: Corporate Makers Capital Limited, Address: 611, 6th Floor, Pragati Towers, Rajendra Place, New Delhi - 110091, Contact: +91-11-41411600, Email: info@corporatemakers.in, Investor Grievance Email: compliance@corporatemakers.in, Contact Person: Mr. Rohit Pareek.

Coforge Chairman Exit

Date: September 14, 2026

Coforge lost confidence in its chairman O P Bhatt after shareholders denied a special resolution at the annual general meeting (AGM) to extend his tenure till 2032. Bhatt received the lowest ratings in the board evaluation report, which he did not disclose or discuss with the board. This led to his resignation last week, followed by the resignation of D K Singh, head of the nomination and remuneration committee.

Private equity firm Advent International, which holds about 20% stake in Coforge, voted against Bhatt's extension and was not part of the evaluation process. Coforge is aiming to double its revenue to $5 billion by 2030 from about $2.4 billion now. The company has appointed executive search firm Egon Zehnder to identify two additional independent directors and a new chairman within the next few months. Interim chairperson Vivek Sharma stated the search would be global, focusing on candidates with governance experience and professional expertise.

HORIBA India Semiconductor Plans

Date: September 14, 2026

HORIBA India, a manufacturer of precision analytical and measurement systems, is open to setting up domestic manufacturing units for mass flow controllers and other specialized semiconductor manufacturing equipment in India once the overall silicon chip fabrication and packaging ecosystem grows. Dan Horiba, executive director and general manager, mentioned that local production depends on market volume, and HORIBA has global capabilities with R&D in France, Japan, and the US.

Amazon Now Sales and Expansion

Date: September 14, 2026

Amazon Now, Amazon's ultra-fast delivery service, reached $1 billion in annualized gross sales in India over the past three-month period. Orders have doubled every quarter since launch, making it the fastest-growing e-commerce business in Amazon India's history. The service has expanded to over 60 Indian cities and towns, with plans to reach 100 cities by Diwali. Average order value is around ₹540, with about 700,000 orders per day. Market share is 10% by orders and 14% by value.

Amazon also announced the expansion of its operations network with the launch of 20 fulfilment centres, 6 sort centres, and 150 last-mile delivery stations, increasing total storage capacity by 50% to 64 million cubic feet.

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