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Journalism of Courage
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.
On September 30,the company had received its shareholders’ nod to make a preferential allotment of 30 lakh equity shares to the Anil Ambani-led financial services firm.
The promoter holding in ACEL currently stands at 66.09 per cent.
Shares of Reliance Capital were trading higher by 1.44 per cent at Rs 860 on BSE.
