“Asian Energy Services Limited to raise up to Rs 160 crores”

Asian Energy Services Limited, specialising in catering the energy and mining sector, announced that its Board of Directors approved the issuance of 48,00,000 fully convertible warrants for cash at an issue price of Rs 335 per warrant. The approval was done during the meeting held on 27th August, 2024. The warrant comes with a right to the warrant holders to apply for and be allotted one fully paid equity share of face value of Rs 10 of the company within a period of 18 months from the date of allotment aggregating to Rs 160.8 crores.

Total shares outstanding (fully diluted) will aggregate to 4,95,74,444 equity shares after conversion of 33,50,000 warrants held by promoter and issuance of 48,00,000 warrants. The promoter and promoter group will holding the warrants will stand at 55.07 per cent (fully diluted) after the issuance of warrants.

The proposed issue will bring on board large HNIs and family offices. If approved, the proposed issue will boost the company's financial standing and elevate its flexibility to pursue medium-to-long term growth opportunities.

Kapil Garg, Managing Director, Asian Energy Services Limited said, "The funds we raised will ensure we remain well-capitalized as we pursue new opportunities in operations and maintenance for the oil & gas sectors, as well as in CHP projects and the minerals sector. This capital infusion not only strengthens our financial position but also equips us to continue our growth trajectory, allowing us to expand both organically and through strategic acquisitions. With this robust financial backing, we are poised to enhance our market presence and drive long-term success across all facets of our business."