Action Construction allots 3000000 Equity Shares on Preferential Basis

Action Construction Equipment Ltd has announced that the 'Warrants Committee' of Board of Directors of the Company in its meeting held on October 09, 2010, has allotted 30,00,000/- equity shares of face value of Rs. 2/- each, to Reliance Capital Ltd. at the price of Rs. 65.53/- per equity share.

The equity shares, so allotted will rank pari-passu with existing equity shares of the Company in all respect, including dividend.

The stock was trading at Rs.68.20, up by Rs.6.05 or 9.73%. The stock hit an intraday high of Rs.69 and low of Rs.63.

The total traded quantity was 4.60 lakhs compared to 2 week average of 0.71 lakhs.

Source : Equity Bulls

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