HEG Limited has finalized its composite scheme of arrangement, rebranding as HEG Advanced Materials Limited. The company has successfully demerged its graphite electrode business into a new entity, HEG Graphite Limited, with a 1:1 share entitlement for existing investors. This move allows the firm to pivot toward high-growth sectors like battery materials and green energy, while the legacy graphite operations continue as a pure-play entity. Shareholders should track the upcoming October listing of the demerged graphite unit.
HEG Completes Corporate Restructuring and Rebranding
HEG Limited has officially completed its Composite Scheme of Arrangement, effective September 1, 2026.
The company has been renamed HEG Advanced Materials Limited effective September 2, 2026.
Reader Takeaway: Shareholders receive shares in the new graphite entity while the parent pivots to advanced battery material technologies.
What just happened
The NCLT Indore Bench sanctioned the scheme of arrangement on August 13, 2026, leading to a formal separation of business units. HEG Advanced Materials Limited now houses the company's new strategic ventures in battery materials, graphene, and anode production. Meanwhile, the legacy graphite electrode business has been transferred to a new entity, HEG Graphite Limited.
Shareholder Entitlements
Shareholders of record are now entitled to the following:
- Graphite Business Allocation: 1:1 entitlement. Existing shareholders receive one fully paid-up equity share (Rs 2 face value) of HEG Graphite Limited for every share held in the parent entity.
- Amalgamation Allocation: HEG Advanced Materials Limited will issue eight shares (Rs 2 face value) for every seven shares (Rs 10 face value) held in Bhilwara Energy Limited.
Leadership Changes
Management has been restructured to support the new focus areas:
- HEG Advanced Materials Limited: Riju Jhunjhunwala appointed as Chairman, MD, and CEO for a five-year term.
- HEG Graphite Limited: Ravi Jhunjhunwala appointed as Chairman, MD, and CEO.
Both leaders will maintain non-executive board positions in the other entity to ensure continuity.
Strategic Focus
HEG Advanced Materials Limited is shifting its focus toward high-tech energy solutions, specifically silicon-based anode materials for the EV ecosystem and battery energy storage. HEG Graphite Limited is established as a pure-play graphite manufacturer, maintaining the company's traditional operational expertise.
What to track next
Investors should look for the formal listing of HEG Graphite Limited, which is currently expected between mid-to-end October 2026. Monitoring the operational execution of HEG Advanced Materials in the battery sector remains a key long-term catalyst.