Marco Cables Warrant Issue: ₹20.13 Crore Plan in 2026

EGM scheduled for November 18

Marco Cables & Conductors Limited has called an Extraordinary General Meeting, or EGM, for November 18, 2026. Shareholders will consider the company’s proposal to issue up to 63 lakh fully convertible warrants on a preferential basis. The board approved the proposal at its meeting held on October 19, 2026. The company informed the exchange about the EGM notice on October 27, 2026. The proposed issue is valued at up to ₹20.13 crore.

Proposed warrant issue details

The company plans to issue up to 63,00,000 fully convertible warrants at ₹31.95 per warrant. The aggregate value of the proposed issue is ₹20,12,85,000, or about ₹20.13 crore. The warrants are proposed to be allotted to two promoter allottees and 14 non-promoter investors. Each warrant can be converted into one equity share of the company, subject to the terms of the issue. Shareholders’ approval at the EGM is required for the preferential allotment proposal.

Payment structure for subscribers

Subscribers must pay 25% of the warrant price at the time of subscription and allotment. This works out to ₹7.9875 per warrant. Based on the full proposed allotment, the upfront amount would be ₹5,03,21,250, or about ₹5.03 crore. The remaining 75% would be payable when the warrants are exercised. The warrants can be exercised within 18 months from the date of allotment.

Key figures from the proposal

Potential change in equity share base

If all the warrants are exercised, Marco Cables’ outstanding equity shares would rise from 1,86,99,000 shares to 2,49,99,000 shares. This represents an addition of 63 lakh equity shares to the existing share base. The conversion would therefore increase the number of shares available in the market. The impact would occur only if warrant holders pay the balance amount and exercise their conversion rights within the allowed period. Until conversion, the instruments remain warrants rather than equity shares.

Promoter holding on a fully diluted basis

The company has stated that promoter shareholding would decline on a fully diluted basis following full conversion of the proposed warrants. Promoter holding is indicated to move from 72.81% to 65.26%. This change reflects the expansion of the company’s total equity share capital after conversion. The proposed issue includes allotments to promoter and non-promoter investors. The final shareholding outcome will depend on the allotment and subsequent exercise of the warrants.

Scale of the fundraising proposal

The proposed ₹20.13 crore raise is about 31% of the company’s stated market capitalisation of ₹65 crore. The size of the proposal makes the shareholder vote relevant for existing investors, particularly because the issue may alter the equity base and promoter ownership percentage. The information provided does not specify the precise end-use of the proceeds. Investors may therefore look for further company disclosures on the planned deployment of funds, including any allocation towards working capital, operations or debt-related requirements. Such details would help assess the financial purpose of the proposed capital raise.

Context from the company’s listing history

This is described as Marco Cables & Conductors’ first equity issue since its September 2023 listing on NSE EMERGE. The company listed at ₹36 per share. Its initial public offering included fresh issue proceeds of ₹9.4 crore and a matching offer for sale. The current preferential warrant proposal differs from an initial public offering because it involves identified allottees and requires a later conversion decision by warrant holders. The company’s EGM will determine whether shareholders approve the proposed issue structure.

Earlier AGM resolutions were approved

Marco Cables held its 37th Annual General Meeting on September 25, 2026, at its Ulhasnagar, Thane venue. The company subsequently informed the exchange that all resolutions placed before shareholders at that AGM were passed with the requisite majority. Physical voting and remote e-voting were used for the AGM resolutions. The upcoming November 18 meeting is separate from the annual meeting and is specifically linked to the proposed preferential warrant issue. Shareholders will now consider the new proposal through the EGM process.

What shareholders and investors can track

The immediate event to track is the EGM voting outcome on November 18, 2026. If shareholders approve the proposal, the company can proceed with the warrant allotment in accordance with the stated terms. Investors can also monitor exchange filings for the allotment details, receipt of the upfront subscription amount and any disclosure on the utilisation of proceeds. The 18-month exercise window will remain important because full dilution occurs only after warrants are converted into equity shares. The proposal places Marco Cables’ funding plan, ownership structure and future equity base under shareholder review.

Conclusion

Marco Cables & Conductors has proposed a preferential issue of up to 63 lakh convertible warrants to raise up to ₹20.13 crore. The November 18, 2026 EGM will decide whether the company receives shareholder approval for the plan. Subsequent disclosures on allotment, fund use and warrant conversion will provide the next confirmed updates for investors.