Asian Energy Services to Raise Rs 1.60 Billion via Convertible Warrants

29 Aug 2024 CW Team

Asian Energy Services has announced its intention to raise Rs 1.60 billion by issuing 48 lakh fully convertible warrants. This decision was ratified during the Board of Directors meeting held on August 27, 2024. Each warrant is priced at Rs 335 and provides the holder with the option to apply for one fully paid-up equity share of Rs 10 within 18 months of allotment.

Following the conversion of 3.35 million warrants held by the promoter and the issuance of the new 48 lakh warrants, the total number of fully diluted shares will reach 4,95,74,444 equity shares. After the issuance, the promoter and promoter group's holding will amount to 55.07 per cent.

The company plans to allocate the proceeds towards exploring growth opportunities, meeting working capital needs, and covering general corporate expenses. The issuance is anticipated to attract significant interest from high-net-worth individuals (HNIs) and family offices.

Kapil Garg, the Managing Director of Asian Energy Services Limited, commented that the funds raised would ensure the company remains well-capitalised as it seeks new opportunities in operations and maintenance for the oil & gas sectors, as well as in combined heat and power (CHP) projects and the minerals sector. He further noted that the capital infusion would enhance the company's financial position and support its continued growth, both organically and through strategic acquisitions.

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