HEG Limited Board Approves Scheme Effective Sept 1; Reconstitutes Management
HEG Limited's Board approved the Composite Scheme of Arrangement, effective September 1, 2026. The record date is September 7, 2026. Management changes include Riju Jhunjhunwala becoming Chairman & MD, and new CFO/Company Secretary appointments. The company also plans to rename itself to HEG Advanced Materials Limited.
The announcement involves a composite scheme of arrangement, demerger, amalgamation, significant management changes, board reconstitution, and proposed name change, all of which are material events with a high impact on the company's structure and operations.
The announcement details a significant corporate restructuring and management changes. While these are important developments, they do not inherently carry a positive or negative financial implication without further context on the scheme's financial impact.
HEG Limited announced that its Board of Directors, in a meeting held on August 24, 2026, has approved making an effective date of Tuesday, September 01, 2026, for the Composite Scheme of Arrangement amongst HEG Limited, HEG Graphite Limited, and Bhilwara Energy Limited. This scheme was previously sanctioned by the National Company Law Tribunal, Indore Bench, on August 13, 2026.
The Board also fixed Monday, September 7, 2026, as the record date for determining shareholders eligible to receive consideration pursuant to the scheme. Under the scheme, for the demerger of the Demerged Undertaking into HEG Graphite Limited, each shareholder of HEG Limited will receive one fully paid-up equity share of HEG Graphite Limited (INR 2 face value) for every one equity share of HEG Limited (INR 2 face value).
For the amalgamation of Bhilwara Energy Limited with HEG Limited, shareholders of Bhilwara Energy Limited will receive eight fully paid-up equity shares of HEG Limited (INR 2 face value) for every seven equity shares of Bhilwara Energy Limited (INR 10 face value).
Following the effectiveness of the scheme, the Board has approved several changes in management and the reconstitution of various committees. Key managerial personnel including the Company Secretary & Compliance Officer and Chief Financial Officer have been transferred to HEG Graphite Limited, with new appointments made for these roles within HEG Limited. Shri Ravi Jhunjhunwala will relinquish his roles as Chairman, Managing Director & CEO to become a Non-Executive Non-Independent Director, while Shri Riju Jhunjhunwala will be elevated to Chairman, Managing Director & CEO. Additionally, several directors have resigned to facilitate the board's reconstitution, and new additional directors have been appointed. The company also proposes to change its name to "HEG Advanced Materials Limited" and rename "HEG Graphite Limited" to "HEG Limited" post-scheme effectiveness.
The Board meeting commenced at 01:30 PM IST and concluded at 04:00 PM IST.
A plain-language summary of a public exchange filing by HEG Limited. Read the original for the full detail.