HEG scheme effective Sept 1; graphite biz demerger and Bhilwara Energy merger

Listed-company acquisitionDemerger ratio announcedScheme filed with the NCLTStrategic Transactions View source PDF Explain this filing

HEG · price

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▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.

Price reactionminutes from the announcement price · days from the prior close

-0.1%Reaction day

₹721.65

prior close

₹726.35

announcement price

After-mkt

timing

Nifty Smallcap 250market-0.2%+0.0% vs market

Electrodes & Refractories peers, median of 9sector-1.3%+1.2% vs sector

On the reaction day the stock moved in line with Nifty Smallcap 250 and 1.2 pts more than its Electrodes & Refractories peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.

Minutes after the announcementfrom the announcement price · no benchmark

Stock

-0.5

10m

-1.1

15m

-1.5

30m

-1.6

Sessions after the filingfrom the prior close

StockMarketvs marketSectorvs sector

Reaction day

-0.1-0.2+0.0-1.3+1.2

Next day

-0.9+0.4-1.4-1.4+0.5

-1.3+0.3-1.6-0.2-1.1

+2.3+0.7+1.7+0.6+1.8

+1.2-0.0+1.2-0.8+1.9

+0.9-0.1+0.9-1.5+2.4

-1.8+0.4-2.2-0.7-1.1

15d

-70.0-2.8-67.2-4.0-66.0

-66.1-1.2-64.9+1.5-67.5

-71.6-9.8-61.8-10.8-60.9

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UpDownMarket · Nifty Smallcap 250Sector · Electrodes & Refractories peers, median of 9Pending

Minute windows have no benchmark: there is no intraday index history to compare against.

AI summary

NCLT Indore Bench has sanctioned HEG's Composite Scheme of Arrangement, effective September 1, 2026. The graphite business will demerge into HEG Graphite Limited at a 1:1 ratio (1 HEG Graphite share for every 1 HEG share). Bhilwara Energy Limited will merge into HEG at 8 HEG shares for every 7 Bhilwara Energy shares. Record date is September 7, 2026. HEG Limited will rename to HEG Advanced Materials Limited and HEG Graphite Limited will take the HEG Limited name. Board reconstituted with Riju Jhunjhunwala elevated as new CMD and CEO.

Likely market impact

HEG shareholders get 1 HEG Graphite share per share held. Bhilwara Energy holders get 8 HEG shares per 7 held. Effective September 1.