Action Construction shareholders OK Rs 175 cr fund raising

Action Construction Equipment on Saturday announced that its shareholders have considered and approved raising upto Rs 175 crore.

The shareholders of the company in their 27th AGM held on Friday, 3 September 2021, considered and approved the raising of funds by issuance of securities by way of private offerings, qualified institutions placement(s) and/ or any combination thereof or any other method for an aggregate amount of up to Rs 175 crore.

ACE is leading material handling and construction equipment manufacturing company with a majority market share in mobile cranes and tower cranes segment. On a consolidated basis, the company posted a net profit of Rs 19.31 crore in Q1 FY22 as compared to a net loss of Rs 4.29 crore in Q1 FY21. Net sales soared 218% to Rs 321.5 crore in Q1 FY22 over Q1 FY21.

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