Monitoring Agency Report issued by Crisil Ratings Limited, Monitoring Agency for the quarter ended March 31, 2026.
TRUALT · price
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Crisil Ratings Limited, the monitoring agency, has submitted its report on utilization of IPO proceeds for TruAlt Bioenergy's Rs 750 crore IPO (September 2025). Out of Rs 657.04 crore net proceeds, Rs 646.50 crore (98.4%) has been utilized as of March 31, 2026. Capital expenditure for multi-feed stock operations (ethanol plant expansion) is 93% utilized at Rs 140.14 crore of Rs 150.68 crore allocated, with Rs 10.54 crore pending due to delayed vendor invoices. Working capital (Rs 425 crore) and general corporate purposes (Rs 81.36 crore) are fully utilized. Issue expenses stand at Rs 73.71 crore of Rs 92.96 crore allocated. Total unutilized gross proceeds amount to Rs 29.79 crore held in monitoring and public offer accounts with Kotak Mahindra Bank. No material deviations from the offer document were observed.
The IPO funds are being deployed largely as planned with only minor delays in capex spending due to vendor invoice timing. The company has achieved substantial progress on its expansion projects, which should support future revenue growth once the multi-feed ethanol facility is fully operational.