Action Construction closes with 49% premium

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Action Construction closes with 49% premium

Action Construction Equipment, which got listed with 54% premium, closed at Rs 193.45 against its offer price of Rs 130 per share.

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Action Construction Equipment , ACE, an established manufacturer of mobile cranes, mobile tower cranes and construction equipment in India, closed with 48.80% premium over its offer price of Rs 130 per share.

On the BSE, the share closed at Rs 193.45 with volumes of 57,92,222 shares. It touched an intraday high of Rs 210.85 and an intraday low of Rs 185.45.

On the NSE, the share ended at Rs 193.55 with volumes of 75,82,512 shares. It touched an intraday high of Rs 210.90 and an intraday low of Rs 180.

It listed at Rs 200, which was with 53.85% premium over its offer price.

The company had entered with public issue of 46,00,000 equity shares of Rs 10 each in the price band of Rs 110-130 per equity share. The issue was subscribed 34.33 times.

The Action Construction Equipment proposed to invest part of the net proceeds of the issue to set up a new plant for manufacturing loaders, higher capacity tower cranes and construction equipment along with expansion and modernization of the existing capacities and facilities. The plan also covers setting up of a joint venture with Tigieffe SRL of Italy and setting up a corporate office and R&D center. ACE also proposes to utilize part of the funds for acquisition and investment as also working capital requirement.