Asian Energy Services Limited has successfully completed the conversion of a substantial portion of its preferentially allotted convertible warrants, marking a key milestone in its capital-raising programme. The company allotted 36,62,702 equity shares of Re. 10/- each upon conversion of convertible warrants, pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The allotment was approved by the Allotment Committee of the Board of Directors through a circular resolution dated 5th May, 2026. The equity shares were issued at an issue price of Rs. 335/- per share and shall rank pari passu with the existing equity shares of the company in all respects.

Background: Warrant Issuance and Exercise

The warrants were originally allotted on 5th November, 2024, following shareholder approval at an Extraordinary General Meeting (EGM) held on 19th September, 2024. A total of 47,00,000 warrants were issued, each convertible into one equity share of face value Re. 10/- each, at a warrant issue price of Rs. 335/- per warrant. The warrant issue price comprised a warrant subscription price of Rs. 83.75/- (being 25% of the warrant issue price) paid upfront and a warrant exercise price of Rs. 251.25/- (being 75% of the warrant issue price) payable at the time of conversion. The warrants carried an exercise period of 18 months from the date of allotment.

Total Funds Raised

Asian Energy Services raised Rs. 92.03 crore upon receipt of the balance warrant exercise consideration from eligible warrant holders, which triggered the allotment of equity shares. Additionally, the company had raised Rs. 39 crore as part of the subscription amount paid upfront at the time of warrant allotment. In total, the company has raised Rs. 131.03 crore since 5th November, 2024 through this preferential warrant programme.

Warrant Conversion and Lapse Details

Of the 47,00,000 warrants originally allotted, 36,62,702 were converted into equity shares, while 10,37,298 warrants lapsed on account of non-exercise by the respective warrant holders within the stipulated 18-month exercise period. The upfront amount of 25% of the warrant issue price paid by these warrant holders in respect of the lapsed warrants has been forfeited by the company.

Post-Allotment Share Capital

Consequent to the conversion of 36,62,702 warrants into an equal number of equity shares, the issued, subscribed and paid-up equity share capital of Asian Energy Services has increased. The updated capital structure is as follows:

Use of Funds

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

Allottee Details

The allotment was made to 28 non-promoter allottees on a preferential basis through private placement. Among the top subscribers are Titagarh Enterprises Limited, Everest Finance & Investment Company, and Ashish Kacholia. The key allottees and their respective equity shares allotted upon conversion are detailed below:

The allotment was made in accordance with the Companies Act, 2013, SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, and other applicable laws. The intimation was filed under Regulation 30 of the SEBI (LODR) Regulations, 2015, and signed by Company Secretary Shweta Jain (Membership No.: 23368).

About Asian Energy Services Limited

Asian Energy Services Limited (AESL) offers end-to-end services extending across the entire upstream value chain. Its service offerings comprise Integrated Oil & Gas services including 2D and 3D Seismic Geographical Data Acquisition, Operations and Maintenance of Onshore and Offshore Oil and Gas Production Facilities, production enhancement services, and Mining services including supply and installation of Material Handling Plants and Rapid Loading Systems. Since its acquisition by Oilmax Energy Private Limited (OEPL), AESL has diversified its business verticals to capture more value across the energy and upstream oil and gas value chains.

About Oilmax Energy Private Limited

Oilmax Energy Private Limited (OEPL) is an unlisted private limited company holding 60.83% of the shareholding in AESL. OEPL is engaged in the business of exploration, development, and production of oil and gas assets, focusing on developing oil and gas blocks in India with discovered and proven existing reserves. It has created a diversified portfolio of onshore oil and gas assets with varied participating interest in 5 oil and gas blocks, including one Coal Bed Methane (CBM) block. OEPL has also expanded into the mineral sector, acquiring a quartzite block in India, and has interests in advanced agriculture through its subsidiary.

Asian energy services Limited has fulfilled its quarterly regulatory compliance obligations by submitting the confirmation certificate under SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended March 31, 2026. The filing was made with both BSE and NSE on April 10, 2026, demonstrating the company's commitment to maintaining regulatory compliance standards.

Regulatory Compliance Details

The submission pertains to Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018, which mandates specific reporting requirements for listed companies regarding their depository and participant activities. The certificate covers the quarter ended March 31, 2026, representing the fourth quarter of fiscal year 2026.

Registrar and Transfer Agent Confirmation

MUFG Intime India Private Limited, formerly known as Link Intime India Private Limited, serves as the company's registrar and share transfer agent. The organization issued the confirmation certificate dated April 1, 2026, validating the proper handling of securities during the quarter.

The certificate confirms several critical aspects of securities management:

• Securities received from depository participants for dematerialization were properly confirmed to depositories
• All securities comprised in certificates have been listed on stock exchanges where previously issued securities are traded
• Security certificates received for dematerialization were appropriately confirmed or rejected
• Received certificates were mutilated and cancelled after due verification by depository participants
• Depository names were substituted in the register of members as registered owners within prescribed timelines

Stock Exchange Communications

The filing was simultaneously submitted to both major Indian stock exchanges where Asian Energy Services Limited maintains its listing status. The company communicated with BSE Limited, where it trades under scrip code 530355, and the National Stock Exchange of India Limited, where it operates under the trading symbol ASIANENE.

Corporate Governance Framework

The submission reflects Asian Energy Services Limited's adherence to corporate governance standards and regulatory compliance requirements. Company Secretary Shweta Jain, holding membership number 23368, signed the compliance document digitally on April 10, 2026, at 15:31:19 IST, ensuring proper authentication and timing of the regulatory filing.

MUFG Intime India Private Limited, with CIN U67190MH1999PTC118368, operates from its registered address at C-101, Embassy 247, L.B.S. Marg, Vikhroli (West), Mumbai - 400083. The confirmation was signed by Ashok Shetty, Sr. Vice President-Corporate Registry, demonstrating the involvement of senior management in the certification process.