The name change is part of a Composite Scheme of Arrangement sanctioned by the Hon'ble National Company Law Tribunal, Indore Bench, vide its order dated August 13, 2026. The Scheme became effective on September 1, 2026, with the Record Date for shareholder entitlement set for September 7, 2026. The company remains listed on both BSE (Scrip Code: 509631) and NSE (Symbol: HEG).

Restructuring Details

The Scheme involves a major corporate restructuring where:

  • The graphite electrodes business is demerged into a separate company, HEG Graphite Limited (proposed to be renamed as HEG Limited)
  • Bhilwara Energy Limited is amalgamated into HEG Advanced Materials Limited and shall stand dissolved without winding up
  • The demerged entity (HEG Graphite Limited) is expected to be listed on BSE and NSE in approximately 45 days (second half of October 2026)

Shareholder Entitlements

  • Shareholders of HEG Advanced Materials Limited as on Record Date (September 7, 2026) will receive one fully paid-up equity share of face value ₹2 each in HEG Graphite Limited for every one fully paid-up equity share of face value ₹2 each held in HEG Advanced Materials Limited (1:1 entitlement)
  • Under the amalgamation, HEG Advanced Materials Limited will issue eight equity shares of face value ₹2 each to existing shareholders of Bhilwara Energy Limited (except to HEG Advanced Materials Limited) for every seven equity shares of face value ₹10 each held in Bhilwara Energy Limited

Leadership Changes

  • Mr. Ravi Jhunjhunwala will continue to lead the graphite company as Chairman, Managing Director and Chief Executive Officer effective September 1, 2026, and will remain on the board of HEG Advanced Materials Limited in a non-executive capacity
  • Mr. Riju Jhunjhunwala has been elevated to Chairman, Managing Director and Chief Executive Officer of HEG Advanced Materials Limited for a five-year term, subject to shareholders' approval, and will also serve on the Board of HEG Graphite Limited in a non-executive capacity

Business Focus

HEG Advanced Materials Limited will focus on advanced materials, battery energy solutions and green power businesses, leveraging HEG's 50+ years of expertise in graphitization and manufacturing. The platform is developing large-scale anode materials business, graphene, and future material development including silicon-based anode, serving the EV, BESS and energy-storage ecosystem.

The reorganization creates two separately listed entities with independent management and distinct growth strategies, providing each business with focused leadership and flexibility to pursue its own growth path.