Asian Energy Services has announced equity infusion by its Promoter (Oilmax Energy) and other investors. The company is issuing preferential warrants of Rs. 85 crore converted into equity. This funding will be led by company promoter Oilmax Energy and will be joined by other marquee non-promoter investors namely Chartered Finance & Leasing and Anantroop Financial Advisory Services (owned by Sanjay C. Kothari, Meenakshi Kothari, Madhusudan Kela and Madhuri Kela), Sanket Rathi and Meenakshi Agrawal, demonstrating strong support and confidence in the company.
The funds raised - will be utilized to accelerate Asian Energy Services’ overall business in the coming years and will take care of Company equity capital needs for the foreseeable future. Further, it will be instrumental in funding the capex requirements, asset acquisition and to meet long-term and short-term working capital requirements of the company and its subsidiaries.
Kapil Garg, Managing Director, Asian Energy Services on the fundraising said, “We are happy to announce fund raise of Rs 85 crore in the Company, as it signifies a major milestone for our company, but also reflects the belief and trust promoters and investors have in our vision. The fundraising will be pivotal in fuelling our mission and driving the company forward. With this capital infusion, we are poised to accelerate our growth in Energy Services business. We firmly believe that growing India will need lot of investment in energy sector to meet its ever-increasing energy demand and Asian Energy will play a pivotal role in this. We remain committed to our vision and are excited about the prospects that lie ahead.”
