TruAlt Bioenergy has received the Securities and Exchange Board of India’s (SEBI's) approval to raise funds through an initial public offering (IPO). The IPO is a mix of fresh issuance of equity shares worth Rs 750 crore and an offer for sale (OFS) of up to 36 lakh equity shares by promoters.
Out of the proceeds from the fresh issuance, Rs 425 crore will be utilised for funding working capital requirements, Rs 172.68 crore for setting up multi-feed stock operations, besides, a portion will be used for general corporate purposes. DAM Capital Advisors and SBI Capital Markets are the book-running lead managers to the company's IPO.
Based in Bengaluru, TruAlt Bioenergy focuses on ethanol production, with a daily production capacity of 1,400 kilolitres (KLPD).
