Cubex Tubings Ltd

Resolution details

• Special resolution to issue up to 50,00,000 warrants on a preferential basis.
• Warrants priced at Rs 150 per warrant; convertible into equity shares.
• Conversion period: 18 months from allotment; 1:1 warrant to share.
• 25% upfront payment; 75% on exercise.
• Allottees: promoter Cubex Securities Ltd and four non-promoters.
• Relevant Date for issue: 7 October 2026.
• Equity shares to be dematerialised and listed on BSE & NSE.
• Warrants carry no voting rights until conversion.
• Maximum equity shares on full conversion: 1,93,18,975.
• Aggregate consideration: Rs 75 crore.
• Pre/post issue promoter holding: 44.42% to 50.47% post-conversion.
• Board recommends Special Resolution for Members' approval.

Use of proceeds

• 100% of proceeds to be used for the vacuum melting furnace project.
• Scope includes land, civil, electrical works and related equipment.

Governance & approvals

• Board approved and recommended the resolution on 14 October 2026.
• Board authorized to finalize terms and liaise with regulators.
• Company to seek in-principle listing approvals from exchanges.

Lock-in & allotment terms

• Warrants: 1-year lock-in.
• Promoter lock-in: 18 months post trading approval.
• Non-promoter lock-in: 6 months.
• Pre-issue holdings lock-in for 90 trading days from trading approval.

Ownership impact

• Post-conversion promoter holding about 50.47%.
• Allottees comprise promoter and non-promoter entities; total five entities.

EGM purpose

• Special resolution to issue up to 50,00,000 warrants on a preferential basis.

Resolution details

• Type: Special; Nature: preferential warrant issue convertible into equity shares.
• Maximum warrants: 50,00,000; price Rs 150 per warrant; converts to 50,00,000 equity shares.
• Allottees: Cubex Tubings promoter entity and four non-promoter entities/individuals.
• Conversion window: 18 months from allotment; 25% upfront; 75% on exercise.
• Post-conversion diluted promoter stake: 50.47%; public stake 49.53%.
• Relevant date: 7 October 2026.
• Warrants do not confer voting rights before conversion; listing on BSE and NSE.
• Use of proceeds: fund vacuum melting furnace at new facility.
• Board may modify terms as required by regulators.
• Lock-in: unlisted warrants 1 year from allotment.
• Promoter group shares locked 18 months; non-promoters 6 months.
• Allottees' pre-issue holdings locked until 90 trading days post-approval.

Voting outcome

• Outcome not disclosed; resolution to be voted at the EGM.

Shareholding impact

• Promoter holding increases to 50.47%; public stake 49.53% after conversion.

Use of funds / objects

• 100% of proceeds to fund vacuum melting furnace at the new facility.

Governance / management

• No board or KMP appointments or removals disclosed.

Other disclosures

• Relevant date is 7 Oct 2026; terms subject to approvals.

Meeting Details

• Date: 23 October 2026
• Time: 02:00 PM
• Location: Registered Office

Key Agenda Items

• Consider and approve unaudited financial results for the 2nd Quarter ended 30 September 2026.

Fundraising plan and approvals

• Board approved raising up to Rs 75 crore via 50,00,000 Convertible Warrants at Rs 150 each.
• Warrants issued via preferential private placement to five identified investors; subject to approvals.
• Issue price Rs 150 per warrant; valuer estimated fair value Rs 142.31.
• Convertible within 18 months; 25% upfront, 75% within 18 months.
• Five investors listed; indicative post-issue promoter and public shares.
• Allotment to be made within 15 days of in-principle approval.

Use of proceeds and timing

• Proceeds to be used entirely for vacuum melting furnace installation at new facility.
• Includes land, civil, electrical works and balancing equipment for targeted industries.
• 100% of issue proceeds to be utilized.
• Warrants post-conversion to equity will rank pari passu.
• No change in control; listing post-conversion on NSE and BSE.
• Lock-in applicable; existing holdings under lock-in.
• EGM date deferred to 28 October 2026.
• Approval of members and stock exchanges required.
• Post-issue indicative equity mix: promoter 50.47%, public 49.53%.
• Total equity shares after issue: 1,93,18,975.

Dematerialisation processing and listing status

• Dematerialisation certificates were mutilated and cancelled after due verification.
• The depository's name was substituted as registered owner for the dematerialised shares.
• Dematerialised securities have been listed on the stock exchanges where the original securities are listed.

CUBEX TUBINGS LIMITED trading window closed from October 1, 2026 till 48 hours from the date of Board Meeting in which the financial results for the second quarter and half year ending on September 30, 2026 are approved; the trading window will re-open after 48 hours from the date of approval of the financial results for the second quarter and half year ending on September 30, 2026.

Fundraising approvals

• Approved raising ₹135 crore via debt and/or convertible securities in one or more tranches.
• Approved convening of EGM on 28-10-2026 to obtain shareholder approval for fundraising.
• EGM notice with disclosures to be issued separately.

Meeting Details

• Board meeting scheduled on 17 September 2026 at 02:00 PM at the registered office.

Key Agenda Items

• Proposal to raise funds by issue of debt securities and/or other securities, convertible to equity later.
• Approval for issue of securities convertible into equity, including terms, price, tenure, interest, redemption.
• Seek member approvals for the proposed fund-raising under applicable Companies Act and SEBI rules.
• Convene an Extraordinary General Meeting to obtain member approval for the proposal.
• Consider any other matter with chair's permission.

Other Notes

• Meeting scheduled on shorter notice.

Financials and highlights

• Quarter ended 30 June 2026: Net Sales/Income from Operations 6,497.17; Total Income from Operations (Net) 6,674.53.
• Cost of materials consumed 4,059.50; Changes in inventories 1,934.95.
• Total expenditure 6,488.75; Profit before tax 185.78.
• Tax: current 51.69; deferred 2.28; Profit after tax 131.81.
• EPS Basic/Diluted 0.92.
• Board approved results on 13-08-2026; Limited Review by JMT & Associates.
• Single segment: Copper and Copper Alloy Products.
• Year ended 31 March 2026: Net Sales 28,800.55; Total Income 29,622.63; PAT 745.39; EPS 5.21.
• Quarter ended 31 March 2026: Net Sales 8,940.11; Total Income 9,484.16; Profit after tax 137.20; EPS 0.90.
• Auditors issued Limited Review; no audit opinion expressed.

AGM Details

• AGM held via VC/OAVM; meeting commenced 10:30 AM and concluded 11:06 AM.
• 89 shareholders attended.
• Chairman presided the meeting.
• Remote e-voting window: 27 July to 29 July; venue voting available.
• Voting results to be disseminated shortly.

Resolutions

• Adoption of audited financial statements and board/auditor reports.
• Re-appoint director by rotation.
• Re-appoint another director by rotation.