Asian Energy Services Limited has announced that the Mumbai Bench of the National Company Law Tribunal (NCLT) has directed the convening of a meeting of its equity shareholders to consider a proposed Scheme of Merger by Absorption. The meeting is scheduled for Friday, June 12, 2026, at 11:00 AM IST, and will be conducted through Video Conferencing or other Audio Visual Means (VC/OAVM), without physical presence. The disclosure was made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and was communicated to stock exchanges on May 11, 2026.

NCLT Order and Merger Scheme Details

The NCLT, Mumbai Bench, issued its order on April 22, 2026, under Company Scheme Application No. C.A.(CAA)/49(MB)/2026, directing the convening of the shareholder meeting. The proposed scheme involves the Merger by Absorption of Oilmax Energy Private Limited (CIN: U40101MH2008PTC185357), designated as the Transferor Company or First Applicant Company, with Asian Energy Services Limited (CIN: L23200MH1992PLC318353), designated as the Transferee Company or Second Applicant Company. The scheme is being pursued under Sections 230 to 232 read with Section 66 and other applicable provisions of the Companies Act, 2013, and rules framed thereunder.

The key details of the NCLT-convened meeting are summarised below:

E-Voting Schedule

Equity shareholders have been provided the facility of remote e-voting to enable them to cast their votes electronically prior to and during the meeting. The remote e-voting period is as follows:

Notice Dispatch and Documentation

Asian Energy Services Limited completed the dispatch of the notice of the meeting to equity shareholders on May 11, 2026. The notice was accompanied by a copy of the Scheme and Explanatory Statement under Sections 230 to 232 and 102 of the Companies Act, 2013, read with Rule 6 of the Companies (Compromises, Arrangements, and Amalgamations) Rules, 2016. Notices were sent electronically to shareholders whose email addresses are registered with the company, Depository Participants, or the Registrar and Share Transfer Agent. Physical copies were dispatched to shareholders whose email addresses are not on record.

The relevant documents have been made available on the following platforms:

• Website of Asian Energy Services Limited: www.asianenergy.com
• BSE Limited: www.bseindia.com
• NSE Limited: www.nseindia.com
• NSDL e-voting portal: www.evoting.nsd.com

Physical copies of the notice may also be obtained free of charge from the registered office of the Transferee Company at 3B, 3rd Floor, Omkar Esquare, Chunabhatti Signal, Eastern Express Highway, Sion (East), Mumbai – 400 022, between 10:00 AM and 5:00 PM on all working days (except Saturdays, Sundays, and public holidays) up to the date of the NCLT-convened meeting. Shareholders may also request an electronic copy by writing to secretarial@asianenergy.com .

Meeting Conduct and E-Voting Facility

The NCLT has appointed a Chairperson for the meeting. Mr. Ketan Dand (Membership No. FCS 5288, COP No. CP 4470) has been appointed as Scrutinizer for the meeting. The company has engaged the services of National Securities Depository Limited (NSDL) to provide the VC/OAVM facility, remote e-voting, and e-voting during the meeting.

The newspaper advertisements regarding the NCLT-convened meeting were published on May 11, 2026, in Business Standard (English, National Edition) and Navshakti (Marathi language), as directed by the NCLT. The disclosure to the stock exchanges was signed by Shweta Jain, Company Secretary & Compliance Officer (Membership No.: 23368), on behalf of Asian Energy Services Limited.

Scheme Subject to Further Approvals

The proposed Scheme of Merger by Absorption, if approved at the NCLT-convened meeting, will remain subject to the subsequent approval of the Hon'ble NCLT and such other approvals, permissions, and sanctions of the relevant regulatory authorities as may be necessary and as contemplated in the Scheme. The scheme is also being pursued in compliance with the SEBI Master Circular bearing No. SEBI/HO/CFD/POD-2/PI/CIR/2023/93 dated June 20, 2023, as amended from time to time, and any other applicable SEBI circulars governing schemes of arrangement.

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.