Key Dates and Scheme Implementation

The Board of HEG Limited has approved Tuesday, September 1, 2026 as the Effective Date for the Composite Scheme of Arrangement. Monday, September 7, 2026 has been fixed as the Record Date for determining shareholder entitlement.

Shareholder Entitlement Structure

Under the demerger, shareholders of HEG as on the Record Date (September 7, 2026) will receive:

  • One fully paid-up equity share of face value ₹2 in the resulting company (HEG Graphite Limited) for every one equity share of face value ₹2 held in HEG (1:1 entitlement)

As part of the same Composite Scheme, Bhilwara Energy Limited will be amalgamated into HEG, with HEG issuing:

  • Eight equity shares of face value ₹2 for every seven equity shares of face value ₹10 held in Bhilwara Energy Limited

Business Separation Structure

Upon the Scheme taking effect on September 1, 2026:

  • The Company's graphite electrodes business will move into the resulting company, HEG Graphite Limited, which is proposed to be renamed HEG Limited
  • The existing listed entity (BSE: 509631, NSE: HEG) will retain the advanced materials, battery energy solutions and green power businesses and is proposed to be renamed HEG Advanced Materials Limited
  • Both name changes are subject to approval of the Registrar of Companies and other statutory authorities

Leadership Changes Effective September 1, 2026

HEG Graphite Limited (to be renamed HEG Limited):

  • Mr. Ravi Jhunjhunwala appointed as Chairman, Managing Director and Chief Executive Officer
  • He will also continue on the board of HEG Advanced Materials Ltd. in a non-executive capacity

HEG Advanced Materials Limited (proposed new name for existing entity):

  • Mr. Riju Jhunjhunwala elevated to positions of Chairman, Managing Director and Chief Executive Officer for a five-year term, subject to shareholder approval

Board Reconstitution and Independent Director Appointments

The Board of HEG Advanced Materials Limited has been strengthened with the appointment of five Additional Directors in the category of Non-Executive Independent Directors for the first term of five consecutive years from September 1, 2026 till August 31, 2031, subject to shareholder approval:

  • Mr. Manish Sharma: Previously served as Chairman and Enterprise Growth Officer of Panasonic Life Solutions India and South Asia, with over three decades of leadership across consumer electronics industry. Holds multiple leadership positions with FICCI and government-appointed committees.
  • Mr. Sanjeev Mehra: Seasoned power-sector veteran of more than four decades, previously served as Managing Director of Tata Power Trading Company. Also Independent Director of Malana Power Company Limited and AD Hydro Power Limited.
  • Mr. Ameya Suresh Prabhu: Managing Director of Aarna Holdings; Founder and CEO of NAFA Capital; World Economic Forum Young Global Leader. Former President of Indian Chamber of Commerce (ICC). Co-Chairman of CII International.
  • Mr. Rajiv Dewan: Fellow Member of Institute of Chartered Accountants of India with nearly four decades of experience. Independent Director on board of Mrs. Bector Food Specialities Limited and Non-Executive Director of Trident Limited.
  • Mr. Pushp Jain: Holds MBA with specialization in Finance and Marketing from University of Southern California, Los Angeles. Leads chemicals manufacturing business of KLJ Group.

Procedural Nature of Changes

The board and leadership changes are entirely a function of putting the new two-company structure in place and take effect only from the Effective Date (September 1, 2026). Directors and key personnel associated with the graphite business will move with it to the resulting company. The changes are procedural in nature and not connected to the performance or operations of either business.

Company Background

HEG Limited, part of the LNJ Bhilwara Group, is one of the world's leading manufacturers of graphite electrodes used primarily in electric arc furnace steelmaking. The Company also operates a hydro power facility at Tawa Nagar, Madhya Pradesh, and through its subsidiaries and associate, is engaged in advanced battery materials, battery energy storage solutions and green power generation.

Corporate office: Bhilwara Towers, Noida

Disclaimer

The press release contains forward-looking statements relating to the Composite Scheme of Arrangement, proposed name changes and business plans, based on current management expectations and subject to risks and uncertainties.