TruAlt Bioenergy Limited had utilised Rs 730.54 crore of the Rs 750 crore it raised through its initial public offer (IPO) as of the quarter ended June 30, 2026, according to a monitoring agency report issued by Crisil Ratings Limited.
The company submitted the report to the BSE and the National Stock Exchange (NSE) under Regulation 32(6) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, read with Regulation 41(4) of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018. The Bagalkot, Karnataka-based ethanol producer had raised the funds through an IPO held between September 25 and September 29, 2025.
According to the report, there was no deviation from the objects stated in the offer document, and no major deviation was observed over earlier monitoring agency reports. Of the Rs 657.04 crore in net proceeds, the company had earmarked Rs 150.68 crore for setting up multi-feed stock operations at its TBL Unit 4 ethanol plant, Rs 425 crore for working capital requirements, and Rs 81.36 crore for general corporate purposes, with the remaining Rs 92.96 crore accounted for as issue expenses.
The working capital and general corporate purposes objects were fully utilised as of the quarter ended March 31, 2026, the report showed. However, only Rs 140.14 crore of the Rs 150.68 crore earmarked for the Unit 4 capacity expansion had been utilised by the end of the June 2026 quarter, leaving Rs 10.54 crore unutilised. Crisil attributed the shortfall to a delay in the receipt of proforma invoices from vendors. The company’s board said the project itself had not been delayed since the date of commencement of commercial operations (DCCO) had already been achieved, and that the pending amount would be deployed once invoices were received.
The Unit 4 expansion is intended to allow the plant, currently a 200 kilolitres per day (KLPD) mono-feed unit, to process grains such as maize and rice as an additional raw material alongside sugar syrup, juice, and molasses, taking its capacity to 300 KLPD on a multi-feed basis, the report noted.
Issue-related expenses stood at Rs 84.04 crore utilised out of Rs 92.96 crore by the end of the quarter, it added. The unutilised gross proceeds of Rs 19.46 crore were held as Rs 11.13 crore in the company’s monitoring account and Rs 9.79 crore in its public offer account, both maintained with Kotak Mahindra Bank, after excluding Rs 1.56 crore in proceeds from the offer-for-sale component, which falls outside the monitoring agency’s scope. The remaining amount for the Unit 4 project is expected to be released on receipt of pending vendor invoices, the report said.