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HEG Renamed HEG Advanced Materials; Demerger & 1:1 Entitlement Effective Sept 1
HEG Limited has implemented its NCLT-sanctioned Composite Scheme of Arrangement effective September 1, 2026, and officially changed its name to HEG Advanced Materials Limited. The graphite electrodes business is demerged into HEG Graphite Limited (to list in ~45 days), with existing shareholders receiving a 1:1 mirror share entitlement as of the September 7, 2026 Record Date. Concurrently, Bhilwara Energy Limited has been amalgamated into HEG Advanced Materials Limited at a swap ratio of 8 shares (FV Rs 2) for every 7 shares (FV Rs 10) held.
Confidence: HIGH
What changedHEG has split into two distinct listed entities: pure-play graphite electrodes (HEG Graphite Ltd) and advanced materials/green energy (HEG Advanced Materials Ltd, merged with Bhilwara Energy).
Why it mattersUnbundles the cyclical core graphite business from high-growth green energy and battery material platforms, providing dedicated capital allocation and distinct market valuations.
Graphite Demerger Entitlement Ratio: 1:1 (1 share of Rs 2 for 1 share of Rs 2)Bhilwara Energy Amalgamation Ratio: 8:7 (8 shares of Rs 2 for 7 shares of Rs 10)Record Date: 07 September 2026Expected Listing Timeline: ~45 days (second half of October)
📅 Short termShare price will adjust around the Record Date (Sept 7, 2026) to reflect the carve-out of the core graphite business, ahead of separate listing in ~45 days.
📈 Long termCreates pure-play exposure to graphite electrodes while allowing HEG Advanced Materials to focus independently on battery materials, BESS, and renewable energy assets.
⚠ Risk flags
- Interim liquidity gap for investors between the demerger record date and the listing of the demerged graphite company (~45 days)
- Execution risk in scaling the non-graphite advanced materials and green energy businesses
Key Highlights
Scheme effective date is September 1, 2026; shareholder Record Date set for September 7, 2026
Demerged graphite business (HEG Graphite Ltd) expected to list separately on BSE/NSE in ~45 days (H2 Oct 2026)
Shareholders receive 1 equity share (FV Rs 2) in the graphite company for every 1 share (FV Rs 2) held
Bhilwara Energy amalgamated into HEG Advanced Materials at an 8:7 share swap ratio
👀 What to Watch
Track the ex-date around the September 7, 2026 Record Date for entitlement to the graphite business shares, and monitor the timeline for HEG Graphite Limited's stock exchange listing in October 2026.
HEG Renamed to HEG Advanced Materials Post Demerger of Graphite Electrode Business
HEG Limited has changed its name to 'HEG Advanced Materials Limited' effective September 2, 2026, following the receipt of a fresh Certificate of Incorporation from ROC Gwalior. This follows the NCLT-sanctioned Composite Scheme of Arrangement (sanctioned August 13, 2026; effective September 1, 2026), wherein the core Graphite Electrode business has been demerged into 'HEG Graphite Limited'. The retained entity focuses on advanced materials and energy storage solutions, marking a structural split between the legacy graphite operations and new growth verticals.
Confidence: HIGH
What changedHEG Limited's graphite electrode business has officially been demerged into HEG Graphite Limited, and the retained listed company has been renamed HEG Advanced Materials Limited.
Why it mattersSeparates the mature, cyclical graphite electrode operations from the high-growth advanced materials/battery energy storage (BESS) business, enabling distinct market valuations and capital allocation strategies.
Scheme Effective Date: September 1, 2026Name Change Effective Date: September 2, 2026NCLT Order Date: August 13, 2026Board Approval Date: August 24, 2026
📅 Short termExchanges will update ticker symbols and company records; market participants will adjust valuations to reflect the demerger structure.
📈 Long termProvides clean strategic focus: HEG Advanced Materials can pursue high-growth BESS/energy segments independently of the capital-intensive, cyclical graphite electrode business.
⚠ Risk flags
- Execution and ramp-up risks in new advanced materials/BESS businesses without legacy cash-flow backing
Key Highlights
Name changed from 'HEG Limited' to 'HEG Advanced Materials Limited' effective September 2, 2026
Scheme of Arrangement became effective on September 1, 2026, via e-Form INC-28 filing with ROC Gwalior
Demerger sanctioned by NCLT Indore Bench vide order dated August 13, 2026
Graphite Electrode business demerged into HEG Graphite Limited, while the retained entity pivots to advanced materials
👀 What to Watch
Track the upcoming record date and share entitlement ratios for the demerged entity (HEG Graphite Limited), as well as listing timelines for the newly separated entities.
HEG Demerger Effective Sep 1, 2026; Record Date Sep 7 with 1:1 Share Entitlement
HEG Limited has cleared final steps for its Composite Scheme of Arrangement, setting the effective date as September 1, 2026, and the record date as September 7, 2026. Existing shareholders will receive 1 share (FV ₹2) in the resulting pure-play graphite electrodes entity (HEG Graphite Ltd) for every 1 share (FV ₹2) held. Concurrently, Bhilwara Energy Ltd will amalgamate into HEG at an 8:7 share swap ratio, retaining the advanced materials, BESS, and green energy businesses under HEG Advanced Materials Ltd. Mr. Ravi Jhunjhunwala will head the graphite business, while Mr. Riju Jhunjhunwala is appointed Chairman, MD & CEO of the advanced materials entity.
Confidence: HIGH
What changedHEG has finalized the effective date (September 1, 2026) and record date (September 7, 2026) for demerging its core graphite electrode business and restructuring green energy/advanced materials.
Why it mattersThe demerger creates two distinct listed pure-play entities: a cyclical, cash-generating graphite electrode leader and a high-growth green power and battery energy materials platform, enabling tailored capital allocation.
Demerger Entitlement Ratio: 1:1Bhilwara Energy Merger Swap Ratio: 8:7Effective Date: September 1, 2026Record Date: September 7, 2026Independent Directors Appointed: 5
📅 Short termShare price adjustments will occur around the September 7, 2026 record date as the graphite business is demerged.
📈 Long termUnlocks pure-play value for graphite electrodes while allowing the green energy and advanced materials business to independently scale capacity and attract strategic capital.
⚠ Risk flags
- Execution and listing timelines for the resulting graphite electrode company
- Integration of Bhilwara Energy Limited into the retained entity
Key Highlights
Scheme effective date set for September 1, 2026; entitlement record date fixed for September 7, 2026
1:1 demerger ratio: 1 share of ₹2 face value in HEG Graphite Ltd for every 1 share of ₹2 face value in HEG Ltd
Merger ratio: 8 equity shares of ₹2 face value in HEG for every 7 shares of ₹10 face value in Bhilwara Energy Ltd
Reconstitution of HEG Advanced Materials board with 5 new Non-Executive Independent Directors for 5-year terms
👀 What to Watch
Track the ex-date trading dynamics around September 7, 2026, and monitor listing timelines and regulatory approvals from the RoC for the resulting pure-play graphite entity.
HEG Sets Sept 7 Record Date for Demerger of Graphite Business; Restructures Board & Leadership
HEG Limited has announced that its Composite Scheme of Arrangement with HEG Graphite Limited and Bhilwara Energy Limited has received NCLT sanction, setting the Effective Date as September 1, 2026, and the Record Date as September 7, 2026. Under the demerger, HEG shareholders will receive 1 share of HEG Graphite Limited (face value ₹2) for every 1 share held in HEG Limited. In the merger of Bhilwara Energy, eligible shareholders will receive 8 shares of HEG Limited for every 7 shares held in Bhilwara Energy. Concurrently, Riju Jhunjhunwala has been elevated to CMD & CEO of HEG Limited, while Ravi Jhunjhunwala transitions to lead HEG Graphite Limited.
Confidence: HIGH
What changedNCLT approval was formally adopted, establishing effective dates, share swap ratios, and leadership segregation across both resulting entities.
Why it mattersThe corporate restructuring carves out the graphite electrode core from renewable energy assets, enabling dedicated management focus and pure-play market valuation for each vertical.
Demerger share entitlement ratio: 1:1 (1 HEG Graphite share per 1 HEG share)Amalgamation share ratio: 8:7 (8 HEG shares per 7 Bhilwara Energy shares)Scheme effective date: September 01, 2026Record date: September 07, 2026
📅 Short termStock will adjust for the demerger around the September 7, 2026 record date; market attention will shift toward allotment and trading commencement of HEG Graphite.
📈 Long termStructural separation allows HEG to pursue high-growth BESS/green energy initiatives while HEG Graphite independently manages cash flows and cyclicality in graphite electrodes.
⚠ Risk flags
- Post-listing price discovery and volatility in the demerged entity HEG Graphite Limited
- Execution of energy integration and scaling up BESS capacity under the restructured corporate structure
Key Highlights
Composite Scheme of Arrangement made effective on September 1, 2026, following NCLT sanction on August 13, 2026.
Record Date fixed as September 7, 2026, for determining shareholder entitlement.
Share entitlement for demerger fixed at 1:1 (1 equity share of ₹2 in HEG Graphite Ltd for every 1 share in HEG Ltd).
Merger ratio for Bhilwara Energy fixed at 8 equity shares of ₹2 in HEG Ltd for every 7 equity shares of ₹10 in Bhilwara Energy.
Riju Jhunjhunwala appointed CMD & CEO of HEG Limited for a 5-year term from September 1, 2026, to August 31, 2031.
👀 What to Watch
Track the ex-date ahead of the September 7, 2026 record date for demerger entitlement, and monitor subsequent listing timelines and capital structure changes for HEG Graphite Limited.
HEG Sets Sep 7, 2026 Record Date for Graphite Demerger and Bhilwara Energy Merger
HEG Limited has fixed September 07, 2026, as the record date following the NCLT approval of its Composite Scheme of Arrangement with HEG Graphite Limited and Bhilwara Energy Limited, effective September 01, 2026. For the demerger into HEG Graphite Limited, shareholders will receive 1 equity share of INR 2 each for every 1 equity share held in HEG Limited. For the amalgamation of Bhilwara Energy Limited, HEG will issue 8 equity shares of INR 2 each for every 7 equity shares of INR 10 each held in Bhilwara Energy. The restructuring also includes major leadership transitions, with Shri Riju Jhunjhunwala elevated to Chairman, MD & CEO of HEG Limited.
Confidence: HIGH
What changedFormalization of the effective date (Sep 1, 2026) and record date (Sep 7, 2026) to execute the demerger of the graphite business and the amalgamation of Bhilwara Energy Limited.
Why it mattersThe corporate restructuring segregates the core graphite business from green energy/diversified ventures, allowing distinct market valuation and separate capital allocation for each entity.
Demerger share ratio (HEG Graphite : HEG): 1:1Amalgamation share ratio (HEG : Bhilwara Energy): 8:7Record Date: 07-Sep-2026Scheme Effective Date: 01-Sep-2026
📅 Short termStock will adjust for the demerger around the September 07, 2026 record date, followed by the allotment and listing of HEG Graphite shares.
📈 Long termSeparates mature graphite electrode operations from the expanding green energy and BESS portfolio, giving investors targeted exposure.
⚠ Risk flags
- Execution of business continuity across separated entities
- Dilution impact from the merger of Bhilwara Energy Limited
Key Highlights
Scheme of arrangement effective date fixed as September 01, 2026, following NCLT Indore approval
Record date set for September 07, 2026, to determine eligible shareholders for demerger entitlement
Share entitlement ratio: 1 share of INR 2 of HEG Graphite for every 1 share of INR 2 held in HEG
Merger ratio: 8 shares of INR 2 of HEG for every 7 shares of INR 10 held in Bhilwara Energy Limited
Riju Jhunjhunwala appointed as CMD & CEO of HEG Limited for a 5-year term from Sep 1, 2026 to Aug 31, 2031
👀 What to Watch
Track the ex-demerger trading date ahead of the September 07, 2026 record date and subsequent listing timeline of HEG Graphite Limited shares on the stock exchanges.
HEG Sets Sept 7 Record Date for Graphite Business Demerger (1:1 Ratio) and Merger
HEG Limited has approved making the NCLT-sanctioned Composite Scheme of Arrangement effective from September 1, 2026, setting September 7, 2026, as the record date. Under the demerger terms, shareholders will receive 1 share of HEG Graphite Limited (face value ₹2) for every 1 share held in HEG Limited. Concurrently, Bhilwara Energy Limited will merge into HEG, with eligible shareholders receiving 8 equity shares of HEG (₹2 face value) for every 7 shares of Bhilwara Energy (₹10 face value). Top leadership is also transitioning: Ravi Jhunjhunwala will lead HEG Graphite, while Riju Jhunjhunwala becomes CMD & CEO of HEG Limited.
Confidence: HIGH
What changedNCLT approval has been formalized; the core graphite business is spinning out into HEG Graphite Ltd while Bhilwara Energy amalgamates into HEG Ltd, effective September 1, 2026.
Why it mattersSeparates the cyclical graphite electrode business from green energy/diversified assets, allowing distinct capital allocation, simplified corporate structure, and independent market valuations for both verticals.
Demerger share entitlement ratio: 1:1Bhilwara Energy swap ratio: 8:7Record date: September 7, 2026Scheme effective date: September 1, 2026
📅 Short termShare price adjustments will reflect the demerger around the September 7, 2026 record date as HEG trades ex-graphite business.
📈 Long termEnables pure-play valuations: HEG Graphite retains the electrode operations (utilization at 90%+), while residual HEG focuses on green energy, BESS expansion, and merged power assets.
⚠ Risk flags
- Execution and listing timelines for the newly formed entity (HEG Graphite Ltd)
- Equity dilution in HEG Ltd from issuing shares to Bhilwara Energy shareholders
Key Highlights
Scheme effective date finalized for September 1, 2026, following NCLT Indore order sanction on August 13, 2026.
Demerger share entitlement ratio fixed at 1:1 (1 equity share of ₹2 in HEG Graphite Ltd for every 1 equity share of ₹2 in HEG Ltd).
Record date for demerger entitlement fixed as Monday, September 7, 2026.
Merger ratio for Bhilwara Energy Ltd into HEG Ltd set at 8:7 (8 HEG shares of ₹2 each for every 7 Bhilwara Energy shares of ₹10 each).
Riju Jhunjhunwala elevated to CMD & CEO of HEG Ltd for 5 years effective September 1, 2026.
👀 What to Watch
Track the ex-demerger trading date ahead of the September 7, 2026 record date, as well as subsequent listing approvals and trading commencement for HEG Graphite Limited.
HEG Sets Sep 7 Record Date for 1:1 Demerger of HEG Graphite, Effective Sep 1
HEG Limited has taken on record the NCLT Indore approval for its Composite Scheme of Arrangement, setting the effective date as September 1, 2026, and record date as September 7, 2026. Under the demerger, HEG shareholders will receive 1 share of INR 2 each of HEG Graphite Limited for every 1 share held in HEG Limited. Additionally, Bhilwara Energy will amalgamate into HEG with an exchange ratio of 8 HEG shares for every 7 Bhilwara Energy shares. Alongside the restructuring, Riju Jhunjhunwala is elevated to CMD & CEO of HEG, while Ravi Jhunjhunwala transitions to lead HEG Graphite Limited.
Confidence: HIGH
What changedNCLT sanctioned the Composite Scheme of Arrangement; board finalized the effective date (Sep 1, 2026), record date (Sep 7, 2026), and reconstituted management across both entities.
Why it mattersSeparates the core graphite electrode operations into HEG Graphite Limited while merging green energy/Bhilwara Energy assets into HEG Limited, facilitating focused business execution and corporate restructuring.
Demerger Swap Ratio: 1:1 (1 share of HEG Graphite for 1 share of HEG)Merger Swap Ratio: 8 HEG shares for every 7 Bhilwara Energy sharesScheme Effective Date: September 1, 2026Record Date: September 7, 2026
📅 Short termShareholders holding shares on the record date of September 7, 2026 will be entitled to receive 1:1 shares in HEG Graphite Limited.
📈 Long termThe corporate restructuring creates two distinct entities: a pure-play graphite electrode business (HEG Graphite) and a green energy/diversified entity (HEG Limited with Bhilwara Energy), providing clear strategic focus.
⚠ Risk flags
- Equity dilution in HEG Limited from issuing shares to Bhilwara Energy shareholders
- Execution and listing timelines for the newly formed HEG Graphite Limited
Key Highlights
Demerger share entitlement ratio fixed at 1:1 (1 share of HEG Graphite Ltd for every 1 share of HEG Ltd)
Amalgamation share ratio set at 8 equity shares of HEG Ltd (Rs 2 face value) for every 7 shares of Bhilwara Energy Ltd (Rs 10 face value)
Scheme effective date set as September 1, 2026; Record date fixed as September 7, 2026
Riju Jhunjhunwala elevated to CMD & CEO of HEG Limited for a 5-year term from Sep 1, 2026 to Aug 31, 2031
👀 What to Watch
Track the ex-date around September 7, 2026 for eligibility to receive shares in the newly demerged HEG Graphite Limited, and monitor the timeline for listing of the resulting company on the exchanges.
HEG Fixes Sep 7, 2026 Record Date for Graphite Demerger (1:1 Share Ratio); Effective Sep 1
HEG Limited's Board has approved making the NCLT-sanctioned Composite Scheme of Arrangement effective from September 01, 2026, setting the record date as September 07, 2026. Under the demerger, HEG shareholders will receive 1 share of HEG Graphite Limited for every 1 share held in HEG Limited. Concurrently, Bhilwara Energy Limited will amalgamate into HEG Limited at an exchange ratio of 8 HEG shares for every 7 Bhilwara Energy shares. A comprehensive leadership restructuring takes effect on September 01, 2026, with Shri Riju Jhunjhunwala taking over as CMD & CEO of HEG Limited while Shri Ravi Jhunjhunwala heads HEG Graphite Limited.
Confidence: HIGH
What changedNCLT approval has been implemented; the graphite business is officially demerged into HEG Graphite Limited while Bhilwara Energy merges into HEG Limited effective September 1, 2026, accompanied by a complete Board and executive overhaul.
Why it mattersThe corporate restructuring separates the core graphite business from green energy/other assets, offering distinct pure-play investment profiles and independent capital allocation strategies.
HEG Graphite Demerger Ratio: 1:1Bhilwara Energy Merger Ratio: 8:7Scheme Effective Date: September 01, 2026Record Date: September 07, 2026New CMD Appointment Tenure: 5 years (up to August 31, 2031)
📅 Short termStock will trade ex-demerger around the September 7, 2026 record date as markets adjust HEG Limited's market price to reflect the carve-out of the graphite business.
📈 Long termProvides direct market discovery for the core graphite electrodes business and creates a standalone energy/diversified platform under HEG Limited.
⚠ Risk flags
- Execution of post-merger integration for Bhilwara Energy
- Timeline for the regulatory listing of HEG Graphite Limited shares
Key Highlights
Demerger share entitlement ratio set at 1:1 (1 equity share of HEG Graphite Ltd for every 1 share of HEG Ltd)
Amalgamation ratio set at 8:7 (8 equity shares of HEG Ltd for every 7 shares of Bhilwara Energy Ltd)
Scheme effective date determined as September 01, 2026, following NCLT Indore approval on August 13, 2026
Record date fixed as September 07, 2026, to determine eligible shareholders for share allotment
Shri Riju Jhunjhunwala elevated to Chairman, Managing Director & CEO of HEG Limited for a 5-year term from Sep 1, 2026
👀 What to Watch
Track the ex-date and share crediting timeline for HEG Graphite Limited shares following the September 7, 2026 record date, alongside future separate listings and earnings profiles of the demerged entities.
HEG Sets Sept 7 Record Date for 1:1 Demerger into HEG Graphite Post-NCLT Approval
HEG Limited has approved making its Composite Scheme of Arrangement effective from September 01, 2026, following NCLT Indore approval on August 13, 2026. Shareholders of HEG Limited as of the Record Date of September 07, 2026, will receive 1 equity share of HEG Graphite Limited (face value ₹2) for every 1 equity share held in HEG Limited. Additionally, shareholders of Bhilwara Energy Limited will receive 8 equity shares of HEG Limited (face value ₹2) for every 7 shares held. Consequent to the demerger, executive management is being realigned, with Riju Jhunjhunwala taking over as CMD & CEO of HEG Limited.
Confidence: HIGH
What changedNCLT sanctioned the composite restructuring scheme, setting the effective date to September 01, 2026, and record date to September 07, 2026.
Why it mattersUnlocks value through the structural separation of the core graphite business and allows dedicated capital allocation for both graphite and green energy/BESS operations.
Demerger share entitlement ratio: 1:1Bhilwara Energy merger swap ratio: 8:7Scheme Effective Date: September 01, 2026Record Date: September 07, 2026
📅 Short termHEG shares will adjust for the demerger value ahead of the September 07, 2026 record date as the market discovers post-split price levels.
📈 Long termCreates distinct corporate entities for the graphite electrode franchise and the green energy/BESS expansion platforms, simplifying business profiles.
⚠ Risk flags
- Listing timeline and price discovery volatility for the newly formed resulting company (HEG Graphite Limited).
- Execution of post-merger integration of Bhilwara Energy assets.
Key Highlights
Scheme effective date set for September 01, 2026, with NCLT sanction order dated August 13, 2026.
Record date fixed for September 07, 2026, to determine eligible shareholders for the 1:1 demerger share entitlement.
Amalgamation swap ratio set at 8 equity shares of HEG Limited for every 7 equity shares of Bhilwara Energy Limited.
Extensive board and management restructuring taking effect September 01, 2026, as operational graphite teams transition to HEG Graphite Limited.
👀 What to Watch
Track the ex-demerger date ahead of September 07, 2026, along with subsequent allotment and listing timelines for HEG Graphite Limited.
HEG Sets Sep 7 Record Date for Graphite Demerger at 1:1 Ratio; Effective Sep 1, 2026
HEG Limited has announced the implementation timeline for its NCLT-sanctioned Composite Scheme of Arrangement, with an effective date of September 1, 2026, and a record date of September 7, 2026. Under the demerger terms, HEG shareholders will receive 1 share of HEG Graphite Limited (₹2 face value) for every 1 share held in HEG Limited. Concurrently, Bhilwara Energy Limited will merge into HEG Limited at a swap ratio of 8 HEG shares (₹2 face value) for every 7 Bhilwara Energy shares (₹10 face value). Leadership is split accordingly: Shri Ravi Jhunjhunwala moves to head HEG Graphite Limited as CMD & CEO, while Shri Riju Jhunjhunwala is elevated to CMD & CEO of HEG Limited for a 5-year term.
Confidence: HIGH
What changedFormal approval to implement the composite demerger and merger scheme on September 1, 2026, fixing the record date for share distribution and restructuring board and executive management.
Why it mattersSeparates the core graphite electrode business into a dedicated listed entity (HEG Graphite) while transforming HEG Limited into an energy and green-tech focused company via the Bhilwara Energy merger.
Demerger share entitlement ratio: 1:1 (1 HEG Graphite share of ₹2 per 1 HEG share of ₹2)Amalgamation share exchange ratio: 8:7 (8 HEG shares of ₹2 per 7 Bhilwara Energy shares of ₹10)Scheme effective date: September 1, 2026Demerger record date: September 7, 2026New CMD & CEO term: 5 years (September 1, 2026 to August 31, 2031)
📅 Short termStock adjustments and trading volatility are expected around the ex-date and September 7, 2026 record date as the graphite undertaking is separated.
📈 Long termEnables focused capital allocation with HEG Graphite housing the 90%+ utilized electrode business and HEG Limited focusing on energy assets and BESS/green energy expansion.
⚠ Risk flags
- Integration execution for Bhilwara Energy into the retained entity
- Listing timeline and price discovery volatility for HEG Graphite Limited shares
Key Highlights
Scheme of arrangement takes effect on September 1, 2026, following NCLT Indore approval dated August 13, 2026
Record date set for September 7, 2026, for 1:1 share allotment in HEG Graphite Limited
Amalgamation of Bhilwara Energy into HEG provides 8 HEG shares of ₹2 for every 7 shares of ₹10 of Bhilwara Energy
Ravi Jhunjhunwala transitions to CMD & CEO of HEG Graphite; Riju Jhunjhunwala appointed CMD & CEO of HEG Limited till August 31, 2031
Neha Rajvanshi appointed as CFO and Ravi Gupta as Company Secretary of HEG Limited w.e.f. September 1, 2026
👀 What to Watch
Track the ex-date leading to the September 7, 2026 record date for eligibility to receive shares in the newly carved-out HEG Graphite Limited, and monitor the separate listing process of the resulting entity.
HEG Sets Sep 7 Record Date for Demerger into HEG Graphite with 1:1 Share Entitlement
HEG Limited's Board has approved making the NCLT-sanctioned Composite Scheme of Arrangement effective from September 1, 2026, fixing September 7, 2026, as the record date for share entitlement. Shareholders will receive 1 share of HEG Graphite Limited (Rs 2 face value) for every 1 share held in HEG Limited. Concurrently, Bhilwara Energy Limited will merge into HEG Limited with an allotment ratio of 8 HEG shares (Rs 2 face value) for every 7 Bhilwara Energy shares (Rs 10 face value). Alongside the restructuring, Riju Jhunjhunwala has been elevated to CMD & CEO of HEG Limited for a 5-year term, while Ravi Jhunjhunwala transitions to lead HEG Graphite Limited.
Confidence: HIGH
What changedHEG formalized the implementation of its composite restructuring scheme, setting the effective date on September 1, 2026, the record date on September 7, 2026, and reshuffling board and KMP roles across the two entities.
Why it mattersThe restructuring separates the core graphite business from green energy/other assets (merging Bhilwara Energy), potentially unlocking value and enabling focused capital allocation for both businesses.
Demerger Swap Ratio: 1:1 (1 share of HEG Graphite for 1 share of HEG)Amalgamation Swap Ratio: 8:7 (8 HEG shares for 7 Bhilwara Energy shares)Record Date: September 7, 2026Effective Date: September 1, 2026
📅 Short termThe stock will trade cum-entitlement until the record date of September 7, 2026, with price adjustments occurring on the ex-date.
📈 Long termProvides clear operational separation between the mature graphite electrode business and green energy/power operations, allowing distinct strategic execution and valuations.
⚠ Risk flags
- Share dilution in HEG Limited from the issuance of shares to Bhilwara Energy Limited shareholders.
- Execution and standalone operational performance of both listed entities post-demerger.
Key Highlights
Scheme effective date finalized as September 1, 2026, following NCLT Indore approval on August 13, 2026.
Record date set for September 7, 2026, with a 1:1 share entitlement ratio for the HEG Graphite Limited demerger.
Merger swap ratio fixed at 8 equity shares of HEG Limited (Rs 2 FV) for every 7 shares of Bhilwara Energy Limited (Rs 10 FV).
Riju Jhunjhunwala elevated to CMD & CEO of HEG Limited for 5 years (September 1, 2026 to August 31, 2031), subject to shareholder approval.
👀 What to Watch
Track trading ex-entitlement ahead of the September 7, 2026 record date and observe subsequent listing timelines for HEG Graphite Limited shares.
HEG Sets Sept 7, 2026 Record Date for 1:1 Demerger & Reconstitutes Board Under NCLT Scheme
HEG Limited announced the formal implementation of its NCLT-sanctioned Composite Scheme of Arrangement, effective September 01, 2026, setting September 07, 2026 as the Record Date. For the demerger into HEG Graphite Limited, shareholders will receive 1 share of the resulting entity for every 1 share held in HEG Limited. Concurrently, for the amalgamation of Bhilwara Energy Limited, HEG will allot 8 equity shares (face value Rs 2) for every 7 equity shares of Bhilwara Energy (face value Rs 10). Along with the scheme, massive leadership transitions were finalized, including Riju Jhunjhunwala taking over as CMD & CEO of HEG Limited and Ravi Jhunjhunwala heading HEG Graphite Limited.
Confidence: HIGH
What changedThe Composite Scheme of Arrangement received NCLT sanction, setting the operational separation date to Sept 1, 2026 and equity record date to Sept 7, 2026, accompanied by a full reconstitution of HEG's board and executive management.
Why it mattersSeparates the core graphite electrode business into HEG Graphite Limited while housing green energy and allied assets (via Bhilwara Energy merger) under HEG Limited, allowing distinct market valuation and capital allocation for each vertical.
Demerger Share Entitlement Ratio: 1:1Amalgamation Ratio (HEG : Bhilwara Energy): 8:7Record Date: September 7, 2026Scheme Effective Date: September 1, 2026
📅 Short termStock may witness price adjustments around the September 7, 2026 record date as the core graphite business gets carved out.
📈 Long termEnables pure-play valuations for the graphite electrodes segment and the emerging green energy/BESS business, clarifying strategic focus across entities.
⚠ Risk flags
- Execution and listing timelines for HEG Graphite Limited shares post-demerger
Key Highlights
Demerger share entitlement ratio fixed at 1:1 (1 equity share of Rs 2 each of HEG Graphite Ltd for every 1 equity share of Rs 2 each in HEG Ltd)
Amalgamation ratio set at 8:7 (8 HEG Ltd shares of Rs 2 for every 7 shares of Rs 10 of Bhilwara Energy Ltd)
Record Date fixed as Monday, September 7, 2026, with the Scheme effective date on September 1, 2026
Leadership restructured: Riju Jhunjhunwala appointed CMD & CEO of HEG Limited for a 5-year term through August 31, 2031
👀 What to Watch
Track the ex-date and record date of September 7, 2026 for demerger entitlement, followed by listing timelines for HEG Graphite Limited shares on the exchanges.
HEG Sets Sep 7 Record Date for Demerger into HEG Graphite; Board Reconstituted
HEG Limited's Board has approved making its Composite Scheme of Arrangement effective from September 1, 2026, following NCLT approval received on August 21, 2026. Under the demerger, eligible HEG shareholders as of the Record Date (September 7, 2026) will receive 1 share of HEG Graphite Limited (face value Rs 2) for every 1 share of HEG Limited held. Concurrently, Bhilwara Energy Limited is being amalgamated into HEG Limited at a share exchange ratio of 8:7. Major leadership changes take effect September 1, 2026, with Riju Jhunjhunwala elevated to CMD & CEO of HEG Limited, while Ravi Jhunjhunwala transitions to lead HEG Graphite Limited alongside existing graphite leadership.
Confidence: HIGH
What changedNCLT-approved composite scheme of arrangement goes effective on September 1, 2026, separating the core graphite business into HEG Graphite Limited while merging Bhilwara Energy into HEG Limited.
Why it mattersThe corporate restructuring formally demarcates the graphite electrode operations from green energy/diversified ventures, altering capital structure, share count, and strategic management across both entities.
Demerger share ratio: 1:1Amalgamation ratio (HEG to Bhilwara Energy): 8:7Effective Date: September 01, 2026Record Date: September 7, 2026NCLT approval date: August 13, 2026
📅 Short termHEG shares will trade cum-demerger until the record date of September 7, 2026, after which price discovery will adjust for the separation of HEG Graphite Limited.
📈 Long termCreates two distinct listed entities enabling focused capital allocation between graphite electrodes and renewable energy/BESS initiatives.
⚠ Risk flags
- Execution and operational separation risks during the corporate transition
- Shareholder dilution impact from the issuance of shares to Bhilwara Energy shareholders
Key Highlights
Scheme effective date fixed for September 01, 2026, with Record Date set as September 7, 2026.
Demerger share allotment ratio of 1:1 (1 equity share of Rs 2 each of HEG Graphite Limited for every 1 share of Rs 2 held in HEG).
Bhilwara Energy amalgamation ratio of 8:7 (8 equity shares of Rs 2 in HEG for every 7 shares of Rs 10 in Bhilwara Energy).
Leadership transition: Riju Jhunjhunwala elevated to CMD & CEO of HEG Limited from September 1, 2026 to August 31, 2031.
Resignation of 4 Independent Directors and top executives transferring to HEG Graphite Limited to facilitate corporate restructuring.
👀 What to Watch
Track the ex-date for the demerger ahead of the September 7, 2026 Record Date, and monitor the timeline for the eventual listing and trading of HEG Graphite Limited shares on the stock exchanges.
HEG Sets Sep 7, 2026 Record Date for Demerger & Merger Scheme; NCLT Order Effective Sep 1
HEG Limited's Board has fixed September 01, 2026 as the Effective Date and September 07, 2026 as the Record Date for its NCLT-sanctioned Composite Scheme of Arrangement. Under the scheme, the core graphite business is demerged into HEG Graphite Limited with eligible shareholders receiving 1 share of HEG Graphite (face value INR 2) for every 1 share held in HEG Limited. Concurrently, Bhilwara Energy Limited merges into HEG Limited at a swap ratio of 8 shares of HEG (face value INR 2) for every 7 shares of Bhilwara Energy (face value INR 10). A broad leadership reorganization takes effect September 01, with Riju Jhunjhunwala elevated to CMD & CEO of HEG Limited and Ravi Jhunjhunwala leading HEG Graphite Limited.
Confidence: HIGH
What changedHEG finalized the operationalization of its corporate restructuring: demerging its graphite business into HEG Graphite Ltd and merging green energy entity Bhilwara Energy into HEG Ltd.
Why it mattersThe demerger creates two distinct listed entities—one focused on graphite electrodes and the other on renewable energy/BESS—allowing independent capital allocation and potential value unlocking.
Demerger share ratio: 1:1Amalgamation share ratio: 8:7Record date: September 07, 2026Scheme effective date: September 01, 2026Market cap context: Rs 13952 Cr
📅 Short termStock will trade ex-demerger around early September 2026 ahead of the September 7 record date, leading to share allotment and listing of HEG Graphite Ltd.
📈 Long termSeparates the cyclical graphite electrode business from the renewable and battery energy storage (BESS) growth platform under Bhilwara Energy.
⚠ Risk flags
- Equity dilution from the amalgamation of Bhilwara Energy Limited into HEG Limited
- Listing timeline and price discovery uncertainty for the resulting demerged company
Key Highlights
Scheme effective date set for September 01, 2026 following NCLT Indore approval received August 21, 2026
Demerger share entitlement fixed at 1:1 ratio (1 equity share of INR 2 of HEG Graphite Ltd for 1 equity share of INR 2 of HEG Ltd)
Amalgamation swap ratio set at 8:7 (8 equity shares of INR 2 of HEG Ltd for every 7 equity shares of INR 10 of Bhilwara Energy Ltd)
Record date for demerger consideration set as Monday, September 07, 2026
Riju Jhunjhunwala elevated to Chairman, MD & CEO of HEG Limited for a 5-year term starting September 01, 2026
👀 What to Watch
Track the ex-demerger trading date ahead of the September 07, 2026 record date and monitor the subsequent listing timeline for HEG Graphite Limited shares.
HEG Sets Sept 7 Record Date for 1:1 Demerger of Graphite Business; Effective Sept 1, 2026
HEG Limited has confirmed that its Composite Scheme of Arrangement will become effective on September 1, 2026, following NCLT approval. The company fixed September 7, 2026, as the record date for determining shareholder eligibility for a 1:1 share allotment in HEG Graphite Limited. Simultaneously, Bhilwara Energy will amalgamate into HEG with a swap ratio of 8 HEG shares for every 7 Bhilwara Energy shares. With the demerger, Shri Ravi Jhunjhunwala transitions executive leadership to HEG Graphite Limited, while Shri Riju Jhunjhunwala takes over as CMD & CEO of HEG Limited effective September 1, 2026.
Confidence: HIGH
What changedNCLT-approved composite scheme of arrangement goes live on September 1, 2026, triggering the 1:1 graphite business demerger and sweeping board/management reconstitution.
Why it mattersSeparates the core graphite business from green energy/BESS operations, allowing distinct strategic focus, separate capital structures, and independent valuations.
Demerger share entitlement ratio: 1:1Bhilwara Energy swap ratio (HEG:Bhilwara): 8:7Scheme Effective Date: September 1, 2026Record Date: September 7, 2026
📅 Short termTrading will reflect demerger price adjustments leading up to the September 7, 2026 record date as the graphite business gets carved out.
📈 Long termStructural separation creates two distinct listed plays: a pure-play graphite electrode business (HEG Graphite) and an energy/BESS platform (HEG Limited).
⚠ Risk flags
- Listing and price-discovery timeline for HEG Graphite Limited
- Integration and earnings profile of amalgamated Bhilwara Energy within residual HEG
Key Highlights
Demerger ratio: 1 fully paid equity share of INR 2 in HEG Graphite Limited for every 1 share of INR 2 held in HEG Limited
Merger ratio: 8 fully paid equity shares of INR 2 in HEG Limited for every 7 shares of INR 10 held in Bhilwara Energy Limited
Key timeline: Scheme effective date set to September 1, 2026; Record date fixed for September 7, 2026
Leadership transition: Riju Jhunjhunwala appointed CMD & CEO of HEG Limited for a 5-year tenure from Sept 1, 2026, to Aug 31, 2031
👀 What to Watch
Track the September 7, 2026 record date for demerger entitlement and monitor subsequent regulatory timelines for the listing of HEG Graphite Limited shares.
HEG Sets Demerger Effective Date to Sept 1, 2026; Reconstitutes Board and Sets 1:1 Share Ratio
HEG Limited announced that its Composite Scheme of Arrangement has been sanctioned by NCLT Indore, with the effective date fixed as September 1, 2026. Under the scheme, HEG shareholders will receive 1 share of HEG Graphite Limited for every 1 share held (Record Date: September 7, 2026), and shareholders of Bhilwara Energy Limited will receive 8 shares of HEG Limited for every 7 shares held. Concurrently, the company announced major management restructuring, elevating Shri Riju Jhunjhunwala to Chairman & MD and appointing 5 new Independent Directors.
Confidence: HIGH
What changedNCLT sanctioned the Composite Scheme of Arrangement; effective date set to Sept 1, 2026, demerger share ratio set at 1:1, record date fixed at Sept 7, 2026, and top leadership/board reconstituted.
Why it mattersSeparates the core graphite electrode business into HEG Graphite Limited while amalgamating Bhilwara Energy Limited into HEG Limited, clarifying the corporate structure and enabling independent business valuations.
Demerger share entitlement ratio: 1:1Amalgamation share exchange ratio: 8:7Effective Date: September 01, 2026Demerger Record Date: September 07, 2026Independent Director appointment tenure: 5 years (Sept 1, 2026 to Aug 31, 2031)
📅 Short termStock price adjustment is expected around the September 7, 2026 record date to reflect the demerger of the graphite electrode business.
📈 Long termCreates pure-play corporate structures with distinct focus on graphite electrode operations in the resulting company and green energy/other businesses in HEG Limited.
⚠ Risk flags
- Execution risk during operational separation of business units
- Listing and price discovery timelines for the resulting demerged company
Key Highlights
Composite Scheme of Arrangement effective from September 01, 2026, sanctioned by NCLT Indore on August 13, 2026
Demerger share entitlement ratio fixed at 1:1 (1 equity share of HEG Graphite Limited of face value INR 2 for every 1 equity share of HEG Limited)
Amalgamation share entitlement ratio set at 8:7 (8 equity shares of HEG Limited for every 7 equity shares of Bhilwara Energy Limited)
Record date for demerger entitlement fixed as Monday, September 7, 2026
Board reconstituted: Shri Riju Jhunjhunwala elevated to Chairman, MD & CEO; 5 Independent Directors appointed for 5-year terms
👀 What to Watch
Track the ex-demerger trading date ahead of the September 7, 2026 record date and subsequent listing timeline for HEG Graphite Limited shares on the stock exchanges.
HEG Sets Sept 7 Record Date for Demerger & Restructuring; 1:1 Share Swap in HEG Graphite
HEG Limited has received NCLT sanction for its Composite Scheme of Arrangement, setting the effective date as September 1, 2026, and the record date as September 7, 2026. Under the demerger, eligible HEG shareholders will receive 1 equity share of Rs 2 each of HEG Graphite Limited for every 1 share of Rs 2 held. Additionally, under the amalgamation of Bhilwara Energy Limited, 8 shares of HEG Ltd (Rs 2 face value) will be issued for every 7 shares of Bhilwara Energy (Rs 10 face value). Concurrently, extensive board and management changes take effect September 1, 2026, including Ms. Neha Rajvanshi being appointed CFO and Shri Riju Jhunjhunwala elevated to CMD & CEO of HEG.
Confidence: HIGH
What changedNCLT Indore approved the composite scheme of arrangement involving demerger of the graphite business and amalgamation of Bhilwara Energy, effective September 1, 2026.
Why it mattersThe demerger creates a pure-play graphite business (HEG Graphite Ltd) and integrates green energy assets (Bhilwara Energy) under HEG Ltd, enabling distinct operational focus, capital allocation, and potential valuation discovery.
Demerger share swap ratio: 1:1Amalgamation share swap ratio: 8:7Scheme Effective Date: September 01, 2026Record Date: September 07, 2026
📅 Short termEx-date price adjustments will occur around early September 2026 as the graphite operations separate into the new entity.
📈 Long termAllows distinct capital structures and operational strategies for the legacy graphite electrode segment versus the emerging green energy and BESS business.
⚠ Risk flags
- Integration execution risks post-amalgamation with Bhilwara Energy
- Listing approval timelines for HEG Graphite Limited on stock exchanges
Key Highlights
Scheme effective date fixed as September 1, 2026, with the record date set as September 7, 2026
Demerger share entitlement ratio fixed at 1:1 (1 share of Rs 2 in HEG Graphite Ltd for every 1 share of Rs 2 in HEG Ltd)
Amalgamation swap ratio set at 8 shares of Rs 2 in HEG Ltd for every 7 shares of Rs 10 in Bhilwara Energy Ltd
Major management overhaul: Ms. Neha Rajvanshi appointed CFO and Shri Riju Jhunjhunwala elevated to CMD & CEO w.e.f. September 1, 2026
👀 What to Watch
Track the ex-demerger trading date ahead of the September 7, 2026 record date, and monitor the timeline for listing of the resulting company (HEG Graphite Limited).
HEG Sets Sept 7, 2026 Record Date for 1:1 Demerger & Reconstitutes Board
HEG Limited has approved making its NCLT-sanctioned Composite Scheme of Arrangement effective from September 01, 2026. The record date for the demerger into HEG Graphite Limited has been fixed for September 7, 2026, where shareholders will receive 1 share of INR 2 each of HEG Graphite for every 1 share held in HEG Limited. Under the amalgamation of Bhilwara Energy Limited into HEG Limited, 8 shares of INR 2 each of HEG will be issued for every 7 shares of INR 10 each of Bhilwara Energy. The restructuring also triggers major leadership realignments: CFO Ravi Kant Tripathi and CMD Ravi Jhunjhunwala transition to HEG Graphite Limited, while Neha Rajvanshi is appointed CFO and Riju Jhunjhunwala is elevated to CMD & CEO of HEG Limited.
Confidence: HIGH
What changedNCLT-approved composite scheme takes effect on September 1, 2026, demerging graphite operations into HEG Graphite Ltd and merging Bhilwara Energy into HEG Ltd.
Why it mattersSeparates the core graphite electrode business and power/green energy verticals into distinct entities, unlocking corporate focus alongside a leadership reshuffle.
Demerger share entitlement ratio: 1:1Bhilwara Energy merger swap ratio: 8:7Scheme effective date: September 01, 2026Demerger record date: September 7, 2026
📅 Short termThe stock will adjust for the demerger ahead of the September 7 record date, followed by price discovery as two separate corporate tracks emerge.
📈 Long termProvides clean corporate separation between graphite electrode manufacturing and energy assets, giving distinct capital structures to both businesses.
⚠ Risk flags
- Listing and trading approval timelines for HEG Graphite Limited
- Integration of Bhilwara Energy assets into the remaining company
Key Highlights
Demerger record date fixed as September 7, 2026 with a 1:1 share entitlement in HEG Graphite Limited.
Merger swap ratio fixed at 8 equity shares of INR 2 each of HEG for every 7 equity shares of INR 10 each of Bhilwara Energy Limited.
Scheme becomes operational on Effective Date September 01, 2026, post NCLT Indore approval received on August 21, 2026.
Riju Jhunjhunwala elevated to CMD & CEO and Neha Rajvanshi appointed as CFO of HEG Limited effective September 01, 2026.
👀 What to Watch
Track the ex-demerger trading date leading up to the September 7, 2026 record date and subsequent regulatory timelines for the listing of HEG Graphite Limited.
HEG Sets Sep 7, 2026 Record Date for 1:1 Graphite Business Demerger; Fixes Sep 1 Effective Date
HEG Limited's Board has taken on record the NCLT order sanctioning its Composite Scheme of Arrangement, fixing September 1, 2026 as the Effective Date and September 7, 2026 as the Record Date. Under the demerger, HEG shareholders will receive 1 share of INR 2 each in HEG Graphite Limited for every 1 share held in HEG Limited. Concurrently, for the amalgamation of Bhilwara Energy Limited, eligible shareholders will receive 8 shares of HEG Limited for every 7 shares held. A major leadership restructuring takes effect September 1, 2026, with Riju Jhunjhunwala elevated to CMD & CEO of HEG Limited while Ravi Jhunjhunwala transitions to lead HEG Graphite Limited.
Confidence: HIGH
What changedHEG formalized the execution of its composite restructuring scheme, setting the effective date to September 1, 2026, the record date to September 7, 2026, and reshuffling board and KMP roles across both entities.
Why it mattersSeparates the core graphite electrode business from the green energy and other diversified ventures, establishing two distinct listed entities with independent capital allocation and management focus.
Demerger share entitlement ratio: 1:1 (1 share of INR 2 in HEG Graphite for 1 share in HEG)Amalgamation share entitlement ratio: 8:7 (8 HEG shares of INR 2 for 7 Bhilwara Energy shares of INR 10)Record Date: September 7, 2026Scheme Effective Date: September 1, 2026NCLT Order Approval Date: August 13, 2026
📅 Short termExpect trading adjustments as the stock goes ex-demerger around the first week of September 2026, followed by the share allotment process in the resulting company.
📈 Long termAllows pure-play exposure to graphite electrodes via HEG Graphite and green energy/BESS initiatives via the residual HEG entity, clarifying investor valuation drivers.
⚠ Risk flags
- Execution timeline risks around listing approvals for HEG Graphite Limited shares
- Integration risks concerning the amalgamation of Bhilwara Energy Limited assets
Key Highlights
Fixed September 7, 2026 as the Record Date for the 1:1 share allotment in HEG Graphite Limited
Scheme effective date established as September 1, 2026 following NCLT Indore approval
Amalgamation ratio set at 8 HEG equity shares of INR 2 for every 7 Bhilwara Energy shares of INR 10
Riju Jhunjhunwala appointed CMD & CEO of HEG Limited for a 5-year term from Sep 1, 2026 to Aug 31, 2031
Ravi Jhunjhunwala relinquishes CMD/CEO role at HEG Limited to take charge as CMD & CEO of HEG Graphite Limited
👀 What to Watch
Track the ex-date (prior to September 7, 2026) for entitlement to HEG Graphite Limited shares and monitor subsequent listing timelines for the newly demerged graphite entity.
NCLT Approves HEG Demerger Scheme; Shareholders to Receive 1:1 Share in HEG Graphite
The NCLT Indore Bench has sanctioned the Composite Scheme of Arrangement amongst HEG Limited, HEG Graphite Limited, and Bhilwara Energy Limited (order uploaded August 18, 2026). Under the approved restructuring, HEG Limited shareholders will receive equity shares in a 1:1 ratio (one share of HEG Graphite Limited for every one share held in HEG). This restructuring splits HEG (Market Cap ₹13,668 Cr, FY26 revenue ₹2,575 Cr) into two separately listed entities: one focused on core graphite electrodes and the other on advanced materials, battery energy storage (BESS), and green power. The scheme will become effective upon filing the certified NCLT order copy with the Registrar of Companies (RoC).
Confidence: HIGH
What changedNCLT has sanctioned the Composite Scheme of Arrangement, clearing the primary legal hurdle for demerging HEG into two independent listed companies.
Why it mattersEnables value unlocking through distinct capital structures and pure-play valuation multiples for the cyclical graphite electrode business versus the high-growth green energy/BESS business.
Demerger share entitlement ratio: 1:1NCLT order upload date: August 18, 2026Pre-demerger market cap: ₹13,668 CrTTM revenue: ₹2,575 Cr
📅 Short termPositive sentiment driver as the restructuring moves from legal review to formal execution and record date determination.
📈 Long termProvides investors distinct direct exposures—differentiating mature cash flows from graphite electrodes from higher-growth green energy and advanced carbon platforms.
⚠ Risk flags
- Execution delays in RoC filing and final listing approvals
- Underlying earnings cyclicality and tariff risks in the standalone graphite electrode business
Key Highlights
NCLT Indore Bench sanctioned the Composite Scheme of Arrangement by an order uploaded on August 18, 2026
Share entitlement ratio confirmed at 1:1 (one equity share of HEG Graphite Limited for every one share in HEG Limited)
Paves the way for two independently listed entities: a mature graphite electrode company and an advanced materials/green energy company
Scheme to become effective upon receipt of certified order copy and subsequent RoC filing
👀 What to Watch
Track the upcoming company filing for the receipt of the certified order, RoC filing completion, and the subsequent fixation of the demerger Record Date.
