Trualt Bioenergy, one of India’s leading ethanol producers, has filed its red herring prospectus with the Registrar of Companies ahead of its upcoming initial public offering (IPO), which is set to open for public subscription on September 25.
The company plans to raise Rs. 750 crore through the issuance of fresh shares, while promoters Dhraksayani Sangamesh Nirani and Sangamesh Rudrappa Nirani will offload 18 lakh equity shares via an offer-for-sale (OFS) route.
The IPO will remain open until September 29. Ahead of the main issue, the one-day anchor book will open on September 24. Share allotment is scheduled to be finalised by September 30, with trading in Trualt Bioenergy’s shares expected to commence on the stock exchanges from October 3.
Headquartered in Bengaluru, Trualt Bioenergy has an installed ethanol production capacity of 2,000 kilolitres per day (KLPD). The company plans to utilise Rs. 150.68 crore from the fresh issue proceeds to establish multi-feed stock operations, enabling the use of grains as an additional raw material at its 300 KLPD Unit 4 ethanol facility.
In addition, Rs. 425 crore will be allocated for working capital needs, while the remaining funds from the fresh issue will be used for general corporate purposes.
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