Asian Energy Completes Warrant Conversion, Raises Rs 92.03 crore By Issuing 36.63 Lakh Shares

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

The warrant conversion follows the preferential allotment of 47,00,000 warrants made on November 5, 2024. Each warrant was convertible into one equity share at an issue price of Rs 335 per share. The price comprised a warrant subscription price of Rs 83.75 (25%) paid upfront and a warrant exercise price of Rs 251.25 (75%) payable at the time of conversion.

Asian Energy has raised Rs 92.03 crore following the conversion of 36.62 lakh warrants and raised Rs 39 crore as part of subscription amount that was paid upfront. In total the company raised Rs 131.03 crore since November 5, 2024.

On receipt of the balance exercise consideration aggregating to Rs 92.03 crore, the company proceeded with the allotment of equity shares to eligible warrant holders.

The funds raised through the warrant exercise will enhance the company's balance sheet and provide the financial flexibility and cash flow to fund the high growth opportunities across all its verticals such as operations and maintenance and material handling plants in coming months. The company has actively undertaken integrated field development projects in the oil and gas sector in the recent past and setting up coal and material handling plants. The funds will be deployed in the existing and the upcoming projects.

Among the 28 non-promoter allottees who participated in the conversion some of the top subscribers are: Everest Finance & Investment Company, Ashish Kacholia, and Titagarh Enterprises Ltd.

Investor participation underscores strong investor confidence in the company's long-term growth prospects and operating strategy.

Shares of Asian Energy Services Ltd was last trading in BSE at Rs. 317.85 as compared to the previous close of Rs. 327.60. The total number of shares traded during the day was 7238 in over 177 trades.

The stock hit an intraday high of Rs. 330.60 and intraday low of 314.30. The net turnover during the day was Rs. 2314185.00.

Source : Equity Bulls

Keywords

AsianEnergyServices INE276G01015 WarrantConversion SharesAllotment FundRaising