Ahluwalia Contracts India raises Rs. 49.85 Crores through Preferential Issue

Ahluwalia Contracts India Ltd. (ACIL) has completed the allotment of 42,25,000 New Equity shares to Promoters Mr. Bikramjit Ahluwalia & Mrs. Sudershan Walia.

The equity having face Value Rs. 2/- Each have been issued at a price of Rs. 118/- each on Preferential basis for a total consideration of Rs. 49,85,50,000/-. With the allotment of these new share the paid up share capital of the company stands increase to Rs. 13,39,75,120/- consisting of 6,69,87,560/- equity shares of Rs. 2/- Each.

The Capital infusion will help the company to repay the short term Loans & maintain the Long Term Working Capital.

According to Mr. Shobhit Uppal, Dy. Managing Director, "With the improved economic environment and the thrust of the new government on infrastructure, we look at improved profitability for the construction companies with a proven track record & timely delivery entire construction industry. Given this, we are confident that company itself will achieve higher turnover and thus better profitability in the coming future. As on September 30, 2014 our current Net Order Book was Rs 3502.02 crores and we expect to execute these orders during next 24 to 30 months."

Shares of AHLUWALIA CONTRACTS (INDIA) LTD. was last trading in BSE at Rs.206 as compared to the previous close of Rs. 217.4. The total number of shares traded during the day was 54219 in over 2373 trades.

The stock hit an intraday high of Rs. 221.8 and intraday low of 198.75. The net turnover during the day was Rs. 11526516.

Source : Equity Bulls

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