Asian Energy Services shareholders approve merger with Oilmax Energy
Asian Energy Services Limited shareholders approved the merger with Oilmax Energy Private Limited on June 12, 2026, via an e-voting process conducted through video conferencing. The scheme stipulates a share exchange ratio of 117 equity shares of Asian Energy Services for every 10 shares of Oilmax Energy. The meeting was chaired by Mr. Mukesh Mittal and attended by key management personnel and auditors.
*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 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. 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 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. The scheme details a specific share exchange ratio where shareholders of the transferor company will receive equity shares in the transferee company. This corporate action follows the NCLT order dated April 22, 2026, which directed the company to convene the meeting.
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 |
The meeting was chaired by Mr. Mukesh Mittal, IRS (Retd.), who was appointed as the Chairperson by the Hon'ble Tribunal. The proceedings were overseen by Mr. Ketan Dand, Practicing Company Secretary, who served as the Scrutinizer to ensure the e-voting process was conducted fairly and transparently. The quorum was confirmed present before the meeting commenced at 11.00 A.M. IST and concluded at 11.23 A.M. IST.
Senior management and governance officials attended the meeting, including Dr. Kapil Garg, Managing Director, and Mr. Nirav Talati, Chief Financial Officer. Independent directors, including Mr. Nayan Mani Borah and Mr. Anil Kumar Jha, were also present alongside representatives from the statutory auditor, S G C O & Co., and the secretarial auditor, Hemanshu Kapadia & Associates. The company secretary, Ms. Shweta Jain, managed the compliance and procedural aspects of the meeting.
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. The e-voting results and the Scrutinizer's Report are scheduled to be communicated to the stock exchanges within two working days from the conclusion of the meeting.
Historical Stock Returns for Asian Energy Services
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| +1.16% | -0.81% | +24.62% | +29.93% | +19.79% | +155.99% |
How will the merger impact Asian Energy Services Limited's competitive positioning in the energy sector?
What operational synergies are expected to result from the absorption of Oilmax Energy Private Limited?
How will the altered capital structure affect the company's leverage and financial flexibility?
16
Access Market Heat-map & Insights 
Create, Save & Share your Screener 
Use 200+ Screening Filters 
