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RDB Rasayans closes 75% lower on debut
Packaging material manufacturer RDB Rasayans has touched an intra-day low of Rs 19.80 as against issue price of Rs 79, before closing down 66.5% at Rs 26.50 on the BSE.
Packaging material manufacturer RDB Rasayans has touched an intra-day low of Rs 19.80 as against issue price of Rs 79 on Day 1, before closing down 66.5% at Rs 26.50 on the BSE.
Traded volume was more than 3.5 crore equity shares - nearly 8 times as compared to issue size of 45 lakh shares. The stock has hit an intra-day high of Rs 93.15 on Friday.
RDB Rasayans is engaged in the manufacturing of packaging material such as PP Tape, PP woven sacks, woven fabrics, industrial woven fabric, PP woven fabrics and PP woven bags.
The company raised Rs 35.55 crore through the IPO, which is going to utilize for capital expenditure to enhance the production facilities.
