Key Event Details

  • The Hon'ble National Company Law Tribunal (NCLT), Indore Bench, sanctioned the Composite Scheme of Arrangement among HEG Limited, HEG Graphite Limited and Bhilwara Energy Limited and their respective shareholders and creditors
  • Approval granted under Sections 230 to 232 and other applicable provisions of the Companies Act, 2013
  • Order was uploaded on NCLT website on August 18, 2026
  • Company disclosed this through press release dated August 19, 2026

Share Allocation Terms

  • Shareholders of HEG Limited will receive one equity share of HEG Graphite Limited for every one share held in HEG Limited (1:1 ratio)

Required Next Steps

  • Scheme will become effective after receiving the certified copy of the NCLT Order
  • Certified copy must be filed with the Registrar of Companies (RoC)

Previous Approvals Obtained

  • Boards of the companies involved had approved the scheme
  • Shareholders of the companies had approved the scheme
  • Secured and unsecured creditors of both HEG Limited and Bhilwara Energy Limited had approved the scheme
  • No-objection letters received from BSE Limited and National Stock Exchange of India Limited

Strategic Rationale

  • Creates two independently listed companies with distinct strategic mandates
  • HEG Limited will continue focused on global graphite electrode legacy business
  • New company (HEG Graphite Limited) will focus on advanced materials, battery energy solutions, and renewable energy
  • Designed to unlock long-term value for shareholders by providing direct exposure to two different business models
  • Enables more focused management attention and disciplined capital allocation for each business

Business Description

HEG Limited is a leading global manufacturer 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 subsidiaries and associates is engaged in advanced battery materials, battery energy storage solutions and green power generation businesses.

Advisors

  • EY acted as the structuring and tax advisor
  • Khaitan & Co acted as the legal advisor to the Company for the Scheme