Ahluwalia Contracts India today said that it has completed the allotment of 42,25,000 new equity shares to promoters Bikramjit Ahluwalia & Sudershan Walia. The equity having face value Rs 2 each have been issued at a price of Rs 118 each on preferential basis for a total consideration of Rs 49,85,50,000.

With the allotment of these new share the paid up share capital of the company stands increase to Rs 13,39,75,120 consisting of 66987650 equity shares of Rs 2 each.

The capital infusion will help the company to repay the short term loans & maintain the long term working capital.

Shobhit Uppal, Dy managing director, "With the improved economic environment and the thrust of the new government on infrastructure, we look at improved profitability for the construction companies with a proven track record & timely delivery entire construction industry. Given this, we are confident that company itself will achieve higher turnover and thus better profitability in the coming future. As on Sept. 30, 2014 our current net order book was Rs 35.02 billion and we expect to execute these orders during next 24 to 30 months.
 
Shares of the company declined Rs 10.8, or 4.97%, to trade at Rs 206.60. The total volume of shares traded was 45,552 at the BSE (2.44 p.m., Tuesday).