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Oct 16, 2012, 05.38 PM IST
Shares of Chennai-based ready-to-eat food retailer RCL Retail remained above the issue price of Rs 10 since the opening tick on listing day.
The stock opened at Rs 10.10 - a price that decided in pre-opening session. It closed at an intraday high of Rs 10.45, a rise of 4.5 percent over its issue price.
RCL Retail is engaged in the business of trading of ready to eat snacks, fryums, bakery products, cookies, confectioneries, namkeens, chutneys, mouth-fresheners, juices, mobile food such as vada pav etc.
The company raised Rs 5.795 crore via the public issue 57.95 lakh equity shares at a price of Rs 10 each.
Issue proceeds are proposed to be used for setting up of eight new retail outlets (with an outlay of Rs 69.4 lakh); food grain processing unit (with a cost of Rs 4.729 crore); strengthening supply chain management (with Rs 38.90 lakh) and for general corporate expenses (Rs 1 crore).
Tags: RCL Retail
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