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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