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Action Construction sells 3.3% stake to RCap

Wednesday 1st Jun 2011 1284

Mumbai : Action Construction Equipment (ACEL) today said the ADAG firm Reliance Capital has picked up 3.3 per cent stake in the mobile crane manufacturer for Rs 19.65 crore.Bolstered by the development, shares of ACEL rose by 9.41 per cent to Rs 68 on the Bombay Stock Exchange.

The warrants committee of the company's board has allotted 30 lakh shares to Reliance Capital at a price of Rs 63.53 per piece, ACEL said in a filing to the Bombay Stock Exchange.Shares of Reliance Capital were trading higher by 1.44 per cent at Rs 860 on BSE.

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