NCLT sanctions HEG composite scheme (demerger plus amalgamation)

Nclt Scheme FiledDemerger Ratio AnnouncedStrategic 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

-4.9%Reaction day

₹744.20

prior close

₹741.00

announcement price

After-mkt

timing

Nifty Smallcap 250market-0.6%-4.2% vs market

Electrodes & Refractories peers, median of 9sector-1.4%-3.4% vs sector

On the reaction day the stock moved 4.2 pts less than Nifty Smallcap 250 and 3.4 pts less 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

+0.0

10m

-0.4

15m

-0.9

30m

-1.6

Sessions after the filingfrom the prior close

StockMarketvs marketSectorvs sector

Reaction day

-4.9-0.6-4.2-1.4-3.4

Next day

-4.3-0.0-4.2-0.2-4.1

-4.3+0.4-4.7-1.4-2.9

-3.0+0.2-3.2-1.4-1.6

-3.1+0.0-3.1-0.8-2.3

-3.9+0.6-4.5-2.3-1.6

-0.8+0.8-1.6-2.3+1.6

15d

-64.6+0.5-65.1-0.9-63.7

-66.6-0.4-66.2-3.2-63.4

-70.6-5.0-65.6-4.8-65.8

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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 on Aug 13, 2026 sanctioned the composite scheme involving HEG, HEG Graphite, and Bhilwara Energy. HEG's graphite business will demerge into HEG Graphite on a 1:1 basis, while Bhilwara Energy will merge into HEG at 8 shares of HEG for every 7 shares of BEL. The scheme takes effect once certified copies are filed with the ROC.

Likely market impact

Promoter holding in HEG rises from 56.28% to 60.72% post-scheme. Shareholders receive HEG Graphite shares; shareholding pattern shifts.