Action Construction debuts with 54% premium

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Action Construction debuts with 54% premium

Action Construction Equipment has listed at Rs 200 on the BSE and at Rs 180 on the NSE 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, has listed with 53.85% premium over its offer price of Rs 130 per share.

On the BSE, at 10 am, the share was quoting at Rs 201 with volumes of 7,59,891 shares. It has touched an intraday high of Rs 208.80 and an intraday low of Rs 185.45.

On the NSE, at 10 am, the share was quoting at Rs 203.45 with volumes of 9,30,263 shares. It has touched an intraday high of Rs 209 and an intraday low of Rs 180.

Its BSE ID is 532762 and NSE ID ACE. 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.