HEG Advanced Materials Ltd. September 7, 2026

HEG Advanced Materials Ltd. successfully debuted on the public markets on September 7, 2026, discovering a price of ₹260 per share. This market entry surpassed general street estimates of ₹175–₹200, validating recent brokerage projections, and marks the culmination of a broader strategic reorganization aimed at unlocking distinct value across the company's core verticals. Corporate Restructuring Overview Approved by the NCLT on August 13, 2026, the erstwhile HEG Ltd. has executed a composite scheme of arrangement to separate its legacy graphite operations from its emerging technology and green energy ventures. HEG Advanced Materials Ltd. (Current Listing) Asset Portfolio: Retains the advanced battery materials, graphene, battery energy solutions, and green power verticals. Consolidation: Bhilwara Energy Ltd. has been absorbed into this entity and dissolved without a separate winding-up process. Leadership: Riju Jhunjhunwala has been appointed as Chairman, MD, and CEO for a five-year term, subject to shareholder approval. HEG Graphite Ltd. (Upcoming Listing) Asset Portfolio: Will operate strictly as a pure-play graphite electrode manufacturer. Timeline & Branding: Expected to be renamed back to HEG Ltd., targeting an independent public listing within the next 45 days. Share Swap Ratios & Entitlements The transaction establishes dedicated capital structures for both entities, with all relevant shares carrying a standard face value of ₹2: Existing HEG Shareholders: Allocated 1 share of the newly formed graphite company (HEG Graphite Ltd.) for every 1 share held as of the record date. Bhilwara Energy Shareholders: Allocated 8 shares of HEG Advanced Materials for every 10 shares previously held in Bhilwara Energy.