Asian Energy Services has completed the conversion of a substantial portion of its preferentially allotted convertible warrants, strengthening its equity base and marking a key milestone in its capital-raising programme.

The conversion follows the preferential allotment of 47,00,000 warrants made on 5 November 2024. Each warrant was convertible into one equity share at an issue price of Rs 335 per share, comprising Rs 83.75 paid upfront and Rs 251.25 payable at conversion.

The company raised Rs 920.3 million through the conversion of 3.662 million warrants, in addition to Rs 390 million received as the upfront subscription amount. This takes the total funds raised since 5 November 2024 to Rs 1310.3 million.

The funds will strengthen Asian Energy’s balance sheet and provide financial flexibility to support high-growth opportunities across operations and maintenance, integrated oil and gas field development, and coal and material handling plant projects.

Among the 28 non-promoter allottees who participated in the conversion were Everest Finance & Investment Company, Ashish Kacholia and Titagarh Enterprises. Investor participation reflects confidence in the company’s long-term growth prospects and operating strategy.