Asian Energy Services shareholders approve merger with Oilmax Energy
Asian Energy Services Limited shareholders approved the merger with Oilmax Energy Private Limited, with 99.99% of valid votes cast in favor. The meeting, held via video conferencing on June 12, 2026, was chaired by Mr. Mukesh Mittal and scrutinized by Mr. Ketan Dand. The scheme involves a share exchange ratio of 117:10 and alters the company's capital structure.
*this image is generated using AI for illustrative purposes only.
Asian Energy Services Limited shareholders have approved the merger with Oilmax Energy Private Limited through a scheme of arrangement. The resolution was passed with 99.99% of valid votes cast, meeting the requisite majority under Section 230(6) of the Companies Act, 2013 and the SEBI Scheme Circular. The approval paves the way for the absorption of Oilmax Energy Private Limited into Asian Energy Services Limited, altering the company's capital structure and operational footprint.
The meeting was held on June 12, 2026, via video conferencing and other audio-visual means as directed by the National Company Law Tribunal (NCLT), Mumbai Bench. Mr. Mukesh Mittal, IRS (Retd.), chaired the meeting, while Mr. Ketan Dand, Practicing Company Secretary, served as the Scrutinizer to ensure the e-voting process was conducted fairly. The voting results and the Scrutinizer's Report were communicated to the stock exchanges within the stipulated time.
Key Merger Details
The merger terms outline the exchange of equity shares between the two entities. The following table summarizes the key financial parameters of the scheme:
| Parameter | Details |
|---|---|
| Transferor Company | Oilmax Energy Private Limited |
| Transferee Company | Asian Energy Services Limited |
| Share Exchange Ratio | 117:10 |
| AESL Share Face Value | Rs. 10/- each |
| OEPL Share Face Value | Rs. 10/- each |
Voting Results
The resolution to approve the Scheme of Merger by Absorption of Oilmax Energy Private Limited with Asian Energy Services Limited was passed under Sections 230 to 232 read with Section 66 of the Companies Act. A total of 143 shareholders participated in the voting process, which included remote e-voting and e-voting during the meeting.
| Particulars | No. of Voters | Value of Votes (INR) | % of Valid votes cast |
|---|---|---|---|
| Votes with assent | 137 | 29,92,78,830 | 99.99% |
| Votes with dissent | 6 | 150 | 0.01% |
| Total valid votes | 143 | 29,92,78,980 | 100% |
The notice for the meeting was dispatched to shareholders as of the cut-off date of May 1, 2026, via electronic mode and speed post. It was also published in 'Business Standard' and 'Navshakti' newspapers. Senior management and governance officials, including Dr. Kapil Garg, Managing Director, and Mr. Nirav Talati, Chief Financial Officer, attended the meeting.
Historical Stock Returns for Asian Energy Services
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| -0.96% | -6.62% | -1.11% | +22.48% | +18.27% | +142.61% |
What is the expected timeline for receiving final approval from the National Company Law Tribunal (NCLT) to close the merger?
How will the absorption of Oilmax Energy specifically alter Asian Energy Services' operational footprint and service capabilities?
What is the projected impact of the merger on Asian Energy Services' earnings per share (EPS) and overall financial performance?
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