RCL Retail closes 4.5% above issue price on Day 1

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).