Asian Energy Services Approves Merger with Oilmax Energy | AESL Board Approval

Asian Energy Services Limited (AESL) has announced that its Board of Directors has approved a draft Scheme of Merger by Absorption of Oilmax Energy Private Limited (OEPL) with AESL. The decision, taken at the Board meeting on September 6, 2025, follows recommendations from the Audit Committee and Independent Directors.

The merger aims to consolidate oil, gas, and mineral assets under a single entity, strengthening AESL’s position as an integrated energy and mineral services provider. OEPL, currently holding 60.83% in AESL, is engaged in oil & gas exploration, production, and mineral projects, while AESL specializes in upstream services, EPC projects, oilfield development, and enhanced recovery services.

The merger, subject to approvals from NCLT, regulators, shareholders, and creditors, will be executed through a share exchange. Shareholders of OEPL will receive 117 AESL shares for every 10 OEPL shares. Post-merger, AESL’s total equity shares will increase from 4.47 crore to 8.41 crore.

Promoter holding will reduce from 60.97% to 51.71%, while the public shareholding will rise from 38.96% to 48.26%, enhancing public participation in the merged entity.

The integration is expected to bring cost synergies, improve capital efficiency, expand operational capacity, and create a stronger platform for future growth. AESL stated that the merger would also streamline corporate governance and simplify group structure.

Once approved, the scheme will be available on the company’s website www.asianenergy.com.