HEG Limited Board Approves Scheme Effectiveness, Sets Record Date, Appoints New Leadership
HEG Limited's Composite Scheme of Arrangement becomes effective on September 1, 2026. A record date of September 7, 2026, is set for share issuance under the demerger and amalgamation. Key management changes include appointments of Ms. Neha Rajvanshi as CFO and Shri Ravi Gupta as Company Secretary. Shri Riju Jhunjhunwala becomes Chairman, MD & CEO.
The composite scheme of arrangement, involving demerger and amalgamation, along with significant changes in board composition and key management personnel, represents a major strategic shift for the company, impacting its structure and leadership significantly.
The announcement details the successful progression of a significant corporate restructuring scheme, including the appointment of new leadership and the setting of effective dates, which indicates positive progress for the company's strategic initiatives.
HEG Limited announced that its Board of Directors, in a meeting held on August 24, 2026, has approved making the Composite Scheme of Arrangement effective from Tuesday, September 1, 2026. The company has 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 ₹2 each in HEG Graphite Limited for every one equity share of ₹2 each held in HEG Limited. For the amalgamation of Bhilwara Energy Limited with HEG Limited, shareholders of Bhilwara Energy Limited (excluding HEG Limited) will receive eight fully paid-up equity shares of ₹2 each in HEG Limited for every seven equity shares of ₹10 each held in Bhilwara Energy Limited.
Following the effectiveness of the scheme, the company has approved several key management and board changes. Shri Vivek Chaudhary and Shri Ravi Kant Tripathi will cease as Company Secretary & Compliance Officer and Chief Financial Officer, respectively, as their employment transfers to HEG Graphite Limited. Ms. Neha Rajvanshi has been appointed as the new Chief Financial Officer, and Shri Ravi Gupta as the new Company Secretary & Compliance Officer, effective September 1, 2026.
Shri Ravi Jhunjhunwala will relinquish his roles as Chairman, Managing Director, and CEO to take up similar positions at HEG Graphite Limited, continuing as a Non-Executive Non-Independent Director of HEG Limited. Shri Riju Jhunjhunwala will be elevated from Vice-Chairman to Chairman, Managing Director, and CEO of HEG Limited, subject to shareholder approval. Additionally, several new directors have been appointed to the board, and existing directors have resigned to facilitate the reconstitution of the board.
The company also proposed changing its name to "HEG Advanced Materials Limited" and renaming "HEG Graphite Limited" to "HEG Limited" post-scheme effectiveness, subject to regulatory approvals. The board committees have also been reconstituted, and specific Key Managerial Personnel have been authorized to determine the materiality of events and information.
A plain-language summary of a public exchange filing by HEG Limited. Read the original for the full detail.