HEG Ltd Board Approves Scheme Effective Date, Record Date, and Leadership Changes
HEG Limited's Board set September 1, 2026, as the effective date for its Composite Scheme of Arrangement. September 7, 2026, is the record date for share consideration. Key leadership changes include Shri Ravi Jhunjhunwala stepping down as MD & CEO of HEG to lead HEG Graphite, and Shri Riju Jhunjhunwala becoming the new MD & CEO of HEG. The company also plans to rename itself to HEG Advanced Materials Limited.
The announcement concerns a composite scheme of arrangement, including demerger and amalgamation, which fundamentally alters the company's structure and leadership. The effective date, record date, and significant changes in top management positions will have a substantial impact on the company's operations and governance.
The announcement details a complex corporate restructuring involving a scheme of arrangement, board changes, and name changes. While these are significant events, they do not inherently present a positive or negative financial outcome based solely on this announcement, hence the neutral sentiment.
HEG Limited's Board of Directors, in a meeting held on August 24, 2026, has approved key aspects of the Composite Scheme of Arrangement. The scheme, previously sanctioned by the National Company Law Tribunal (NCLT) on August 13, 2026, will become effective on Tuesday, September 1, 2026.
The board has fixed Monday, September 7, 2026, as the record date for determining shareholders eligible to receive consideration pursuant to the scheme. For the demerger of the Demerged Undertaking into HEG Graphite Limited, shareholders 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 scheme's effectiveness, the company has approved several changes in its Board and Key Managerial Personnel (KMP). Shri Ravi Jhunjhunwala will relinquish his roles as Chairman, Managing Director, and CEO of HEG Limited, moving to HEG Graphite Limited in the same capacity, while 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, effective September 1, 2026, for a term up to August 31, 2031, subject to shareholder approval. Several additional directors have been appointed, and existing directors have resigned to facilitate the board's reconstitution.
Furthermore, the company proposes to change its name to "HEG Advanced Materials Limited" and rename "HEG Graphite Limited" to "HEG Limited" subsequent to the scheme becoming effective. The board meeting commenced at 1:30 PM IST and concluded at 4:00 PM IST.
A plain-language summary of a public exchange filing by HEG Limited. Read the original for the full detail.