Asian Energy Services Limited announced that it expects to receive INR 213.5625 million in funding from OilMax Energy Pvt. Ltd., Anantroop Financial Advisory Services Private Limited, Chartered Finance and Leasing Ltd and other investors

Asian Energy Services Limited announced a private placemen to issue 6,700,000 warrants at an issue price of INR 31.875 per warrant for the gross proceeds of INR 213,562,500 on June 30, 2023. The transaction will include participation from returning investor OilMax Energy Pvt. Ltd. with 62.74% stake for 23,888,172 warrants.

Post completion, Oilmax Energy Private Limited for 27,238,172 warrants for 60.83% stake, Chartered Finance & Leasing Limited for 19,00,000 warrants for 4.24% stake, Anantroop Financial Advisory Services Private Limited 750,000 warrants for 1.68% stake, Sanket Rathi for 200,000 warrants for 0.45% stake and Meenakshi Agrawal for 500,000 warrants for 1.12% stake. The Warrants shall be convertible into equal number of shares at an exercise price of INR 95.625 in one or more tranches. The transaction has been approved by the shareholders of the company and subject to general shareholders and such other approvals as may be required.