TruAlt Bioenergy files papers with Sebi

Biofuel producer TruAlt Bioenergy has filed its draft red herring prospectus (DRHP) with Sebi to raise funds through a public issue. The IPO includes a fresh issue of ₹750 crore and an offer for sale of 36 lakh shares.

As part of the offer for sale, promoters Dhraksayani Sangamesh Nirani and Sangamesh Rudrappa Nirani will be offering shares.

The Bengaluru-based company specialises in ethanol production and plans to use the proceeds from the fresh issue to establish multi-feedstock operations, enabling the use of grains as an additional raw material in its ethanol plant. The funds will also support working capital requirements and general corporate expenses. DAM Capital and SBI Capital are serving as the bankers for the IPO.