Seven companies, including TruAlt Bioenergy, have received approval from SEBI to raise nearly Rs 12,000 crore through Initial Public Offerings (IPOs), according to an update from the markets regulator released on Monday.
The companies that filed their draft IPO papers with SEBI in August and September include Ecom Express, Smartworks Coworking Spaces, TruAlt Bioenergy, International Gemmological Institute, Carraro India, Concord Enviro System, and Ventive Hospitality. They obtained the regulator’s observations on November 26-29, the update showed.
Leading biofuel producer TruAlt Bioenergy’s initial share sale 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.
The OFS consists of up to 18 lakh equity shares each by Dhraksayani Sangamesh Nirani and Sangamesh Rudrappa Nirani. 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.
Based in Bengaluru, TruAlt Bioenergy focuses on ethanol production and is one of the leading biofuel producers in India.
