You need to use javascript for this. Instead of using an action link a better way to achieve this would be to use a form:
@using (Html.BeginForm("actionname", "controller", FormMethod.Get))
{
@Html.TextBox("textdata")
}
This way the value entered by the user in the textbox will be automatically sent to the server when he submits the form.
If you still want to do this using javascript (not recommended) here's how you could proceed with jQuery. Subscribe for the click event of the link and fetch the value from the text field and append it to the url:
$(function() {
$('#id_of_your_link').click(function() {
var value = $('#textdata').val();
$(this).attr('href', function() {
return this.href += '?param=' + encodeURIComponent(value);
});
});
});