News ArticleAsian Energy Services Secures INR 131.39 Crores from Convertible Warrants Issue by Q2 2026
Monitoring agency confirms full compliance and no deviation in utilization of funds from preferential issue proceeds
Asian Energy Services Limited received INR 131.39 Crores through a preferential issue of 47 lakh convertible warrants at Rs.335 each by the quarter ended 30th September 2026, with proceeds monitored by India Ratings & Research confirming no deviation from the stated use of funds.
Asian Energy Services Limited
Preferential Issue
Asian Energy Services Limited raised INR 131.39 Crores from a preferential allotment of 47 lakh convertible warrants at Rs.335 each during the issue period from October to November 2024, as confirmed by the monitoring agency report for the quarter ended September 30, 2026.
The preferential issue was conducted on a private placement basis between October 23, 2024 and November 4, 2024, targeting 48 lakh convertible warrants with an offer price of Rs.335 per warrant, each convertible into one equity share having a face value of Re.10.
India Ratings & Research Private Limited, appointed as the Monitoring Agency, confirmed via its report dated October 30, 2026, that there was no deviation from the objects of the issue based on management undertakings and statutory auditor certification.
Out of the total 48 lakh warrants, 47 lakh warrants were subscribed, and the company received upfront subscription money of INR 39.36 Crores (25% of warrant value) as of September 30, 2026. Further, the company received INR 92.03 Crores as call money (75%) for the conversion of 36,62,702 warrants into equity shares during the quarter ended June 30, 2026.
Due to non-payment of the 75% balance issue price by holders of 10,37,298 warrants within the exercise period (18 months from allotment date November 5, 2024), these warrants were forfeited.
The total proceeds received thus amounted to INR 131.39 Crores, and the utilization of these funds was monitored and found to fully comply with the stated objectives of capital expenditure and working capital needs without any changes or deviations.
Highlights
- Preferential issue period: 23 October to 4 November 2024
- Issue size: INR 160.80 Crores (48 lakh convertible warrants at Rs.335 each)
- Subscribed warrants: 47 lakh; amount received INR 131.39 Crores as of 30 September 2026
- Upfront subscription (25%) received: INR 39.36 Crores
- Further call money (75%) received: INR 92.03 Crores for 36,62,702 warrants converted to equity
- 10,37,298 warrants forfeited due to non-payment of call money within 18-month exercise period ending 5 November 2026 • Monitoring Agency: India Ratings & Research Private Limited confirms no deviation in proceeds usage
Key Data Snapshot
What happened
- Asian Energy Services Limited raised INR 131.39 Crores through a preferential allotment of 47 lakh convertible warrants at Rs.335 each.
- The issue period for these warrants was from 23rd October 2024 to 4th November 2024.
- Monitored by India Ratings & Research Private Limited, the utilization of issue proceeds was confirmed without any deviation from the stated objectives.
Key details
- Each convertible warrant is convertible into one equity share with a face value of Re. 10.
- Out of the 48 lakh warrants offered, 47 lakh were subscribed by investors.
- The company received 25% of the warrant price upfront totaling INR 39.36 Crores as of 30th September 2026.
- During the quarter ended 30th June 2026, an additional INR 92.03 Crores was received upon conversion of 36,62,702 warrants into equity shares.
- 10,37,298 warrants were forfeited due to non-receipt of premium money within the 18 months exercise period.
- The total proceeds captured amount to INR 131.39 Crores as of the report date.
Regulatory and governance context
- Monitoring Agency Report prepared as per SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018.
- The report by India Ratings & Research Private Limited confirms that all proceeds were utilised as per offer document without deviation.
- The statutory auditor, SGCO & Co. LLP, issued a certificate confirming no deviation from the intended utilization of funds.
- The warrants forfeiture was due to non-payment within stipulated timelines as per issue terms.
Highlights
- Preferential issue period: 23 October to 4 November 2024
- Issue size: INR 160.80 Crores (48 lakh convertible warrants at Rs.335 each)
- Subscribed warrants: 47 lakh; amount received INR 131.39 Crores as of 30 September 2026
- Upfront subscription (25%) received: INR 39.36 Crores
- Further call money (75%) received: INR 92.03 Crores for 36,62,702 warrants converted to equity
- 10,37,298 warrants forfeited due to non-payment of call money within 18-month exercise period ending 5 November 2026 • Monitoring Agency: India Ratings & Research Private Limited confirms no deviation in proceeds usage
Disclosures
- SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
- SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018
Promoters include Ritu Garg and Oilmax Energy Private Limited.
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