ACTION CONSTRUCTION EQUIPMENT LTD. - Announcement under Regulation 30 (LODR)-Qualified Institutional Placement

We wish to inform you that subsequent to the approval accorded by the board of directors of the Company (the 'Board'), at its meeting held on July 31, 2021 and the special resolution passed by the shareholders of the Company on September 3, 2021, the Qualified Institutions Placement Committee ('QIP Committee') has at its meeting held today i.e. September 20, 2021, inter alia, passed resolutions for the following:<BR> <BR> a. Approved and adopted the preliminary placement document dated September 20, 2021 and the application form dated September 20, 2021 in connection with the Issue ('Preliminary Placement Document'); <BR> <BR> b. Authorised the opening of the Issue today, i.e. September 20, 2021; and <BR> <BR> c. Approved the floor price of ? 254.55 for the Issue.<BR>