Asian Energy Services Limited has achieved another significant milestone in its proposed merger scheme, receiving 'No objection' from the National Stock Exchange of India Limited (NSE) on March 05, 2026. This follows the company's earlier receipt of no adverse observations from BSE Limited on March 02, 2026, for the scheme of merger by absorption with Oilmax Energy Private Limited under the Companies Act, 2013.

Dual Stock Exchange Approvals

The company has now secured approvals from both major stock exchanges for its merger scheme. The NSE approval came through observation letter reference NSE/LIST/50839 dated March 05, 2026, while BSE had earlier provided its no adverse observations on March 02, 2026.

Merger Scheme Structure

The scheme involves the merger of Oilmax Energy Private Limited (OEPL) as the transferor company with Asian Energy Services Limited (AESL) as the transferee company. The merger is being executed under Sections 230 to 232 read with Section 66 and other applicable provisions of the Companies Act, 2013.

SEBI Compliance Requirements

Both exchange approvals reference SEBI's detailed comments dated February 27, 2026, which outline 13 specific conditions for the merger process. These comprehensive requirements cover various aspects of disclosure and compliance:

Key Disclosure Mandates

• Complete details of ongoing adjudication and recovery proceedings against the company, promoters, and directors
• Additional information submitted after filing to be displayed on company and stock exchange websites
• Compliance with all SEBI circulars and Master Circular provisions
• Financial information not older than six months for valuation purposes
• Mandatory demat form for any proposed equity shares

Enhanced Shareholder Communication

• Impact assessment on revenue generating capacity of the transferee company
• Comprehensive rationale and synergies analysis of the business combination
• Value assessment of assets and liabilities being transferred
• Updated shareholding patterns pre and post-merger
• Disclosure of pending actions against entities and their potential impact

Regulatory Timeline and Next Steps

The observation letters from both exchanges carry validity periods of six months from their respective dates, within which the scheme must be submitted to the National Company Law Tribunal (NCLT).

Outstanding Approvals Required

Despite securing both stock exchange approvals, the merger scheme remains subject to several additional approvals:

• Approval from respective shareholders of both companies
• Creditor approvals as required under applicable laws
• Final approval from the jurisdictional National Company Law Tribunal
• Any other statutory and regulatory approvals as may be required

Company Information

Asian Energy Services Limited, incorporated under CIN L23200MH1992PLC318353, has made both observation letters accessible on its website at www.asianenergy.com . The company is headquartered at 3B, 3rd Floor, Omkar Esquare, Chunabhatti Signal, Eastern Express Highway, Sion (East), Mumbai - 400022.

The dual exchange approvals represent crucial progress in the merger process, with the company now positioned to proceed with NCLT filing while ensuring compliance with SEBI's detailed requirements.

Asian energy services Limited has announced the allotment of 1,62,677 equity shares under its Employee Stock Option Plan 2024 (AESL ESOP 2024). The Allotment Committee of the Board of Directors approved this allotment on February 13, 2026, pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Share Allotment Details

The company allotted 1,62,677 fully paid equity shares with a face value of ₹10 each to eligible grantees who exercised their stock options under the AESL ESOP 2024 scheme. These shares will rank pari-passu with the existing equity shares of the company in all respects.

Impact on Share Capital

Following the allotment, Asian Energy Services Limited's paid-up share capital has increased significantly. The company's share capital structure shows a clear expansion from the exercise of employee stock options.

ESOP Scheme Framework

The AESL ESOP 2024 scheme operates under SEBI (Share Based Employee Benefits) Regulations, 2021. Originally, 3,80,744 stock options were granted to eligible employees on January 25, 2025, covering an equal number of fully paid-up equity shares with a face value of ₹10 each.

The vesting and exercise framework includes:

• Vesting Period: Options vest after completion of one year from the grant date
• Exercise Period: Vested options can be exercised within one year from vesting date
• Exercise Flexibility: Options can be exercised in one or more tranches
• Lock-in Status: No lock-in period applies to allotted shares

Financial Impact

The exercise of 1,62,677 stock options generated ₹1,62,67,700 for the company. The diluted earnings per share for the quarter ended December 31, 2025, stands at ₹4.93 per share on a standalone basis. The ESOP Compensation Committee of the company administers the entire scheme, ensuring compliance with regulatory requirements.

The allotment represents a significant milestone in the company's employee incentive program, demonstrating employee confidence in the organization's growth prospects while strengthening the company's capital base through the exercise of stock options.