Khaitan & Co Advised TruAlt Bioenergy On Proposed IPO Of Equity Shares

Khaitan & Co Advised TruAlt Bioenergy On Proposed IPO Of Equity Shares

Khaitan & Co acted as Indian legal counsel to TruAlt Bioenergy Ltd in its proposed initial public offering (IPO), which includes a fresh issue of equity shares and an offer for sale by the selling shareholders.

Bengaluru-based TruAlt Bioenergy Ltd is a prominent producer of biofuel in India, is among the first to utilize the CBG program under the Sustainable Alternative Towards Affordable Transportation (SATAT) initiative.

The IPO comprises shares with a face value of ₹10 each, including a fresh issuance of ₹750 crores and an offer for sale of up to 36 lakh equity shares by the promoter group selling shareholders. The offer for sale includes a maximum of 18 lakh equity shares by Dhraksayani Sangamesh Nirani and up to 18 lakh equity shares by Sangamesh Rudrappa Nirani.

The funds raised from the new offering, amounting to ₹172.68 crores, will be used to finance capital expenses for establishing multi-feed stock operations. This will enable the utilization of grains as an additional raw material in the ethanol plant at TBL Unit 4, which has a capacity of 300 kilolitres per day (KLPD). Additionally, ₹425 crores will be allocated to meet working capital needs and for general corporate purposes.

The deal team at Khaitan & Co included Partner Thomas George, Counsel Nagashayana Srinivasaiah, and Associates Jash Botadra, Pooja Agarwal, and Tharun Vadlapatla.

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