HEG sets Sept 1 as demerger effective date; Riju Jhunjhunwala becomes CMD
- HEG sets September 1, 2026 as effective date for demerger scheme
- Record date fixed for September 7, 2026 for 1:1 share allotment
- Riju Jhunjhunwala appointed CMD & CEO of continuing entity
- Existing entity to be renamed HEG Advanced Materials Limited
*this image is generated using AI for illustrative purposes only.
HEG has fixed September 1, 2026, as the effective date for its composite scheme of demerger and amalgamation. The Board of Directors also appointed Riju Jhunjhunwala as the new Chairman, Managing Director & CEO of the continuing entity, succeeding Ravi Jhunjhunwala.
Effective date and shareholder entitlements
The Board approved the effective date following the receipt of the certified copy of the NCLT order on August 21, 2026. The tribunal had sanctioned the scheme on August 13, 2026. Shareholders holding equity shares as on the record date of September 7, 2026, will be eligible to receive one fully paid-up equity share of ₹2 each in HEG Graphite Limited for every one share held in HEG Limited. This maintains the previously disclosed 1:1 allotment ratio.
Additionally, shareholders of Bhilwara Energy Limited will receive eight fully paid-up equity shares of ₹2 each in HEG Limited for every seven shares of ₹10 each held in the transferor company.
| Parameter | Details |
|---|---|
| Effective date | September 1, 2026 |
| Record date | September 7, 2026 |
| Demerger ratio | 1:1 (HEG to HEG Graphite) |
| Amalgamation ratio | 8:7 (Bhilwara Energy to HEG) |
Leadership transition and board reconstitution
The restructuring involves a significant leadership shift. Ravi Jhunjhunwala will relinquish his role as CMD and CEO of HEG Limited to become the CMD and CEO of HEG Graphite Limited. He will continue as a Non-Executive Non-Independent Director at HEG Limited. Riju Jhunjhunwala, currently Vice-Chairman, is elevated to Chairman, Managing Director & CEO of HEG Limited with effect from September 1, 2026, for a five-year term.
Several independent directors, including Jayant Davar, Priya Shankar Dasgupta, Nand Gopal Khaitan, and Sandip Somany, have resigned from the HEG Limited board solely to facilitate reconstitution post-scheme. New independent directors Manish Sharma, Pushp Jain, Sanjeev Mehra, Ameya Suresh Prabhu, and Rajiv Dewan have been appointed as additional directors, subject to shareholder approval.
Key managerial personnel changes
The Board also approved changes in key managerial personnel (KMP) and senior management roles effective September 1, 2026:
- Cessations: Vivek Chaudhary (Company Secretary) and Ravi Kant Tripathi (CFO) cease their roles at HEG Limited due to transfer to HEG Graphite Limited. Manish Gulati (Executive Director) also transfers to HEG Graphite Limited.
- Appointments: Neha Rajvanshi is appointed as Chief Financial Officer, and Ravi Gupta as Company Secretary & Compliance Officer. Both are transferred from Bhilwara Energy Limited.
Name change proposal
Pursuant to the scheme's effectiveness, the name "HEG Limited" is proposed to be changed to "HEG Advanced Materials Limited". Concurrently, "HEG Graphite Limited" is proposed to be renamed as "HEG Limited". This swap ensures continuity of the graphite business brand under the new entity structure.
Historical Stock Returns for HEG
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| -4.99% | -66.47% | -65.30% | -54.49% | -53.39% | 0.0% |
How might the rebranding to 'HEG Advanced Materials Limited' influence investor perception and valuation multiples compared to the legacy graphite-focused entity?
What are the expected synergies and operational efficiencies from the 8:7 amalgamation of Bhilwara Energy Limited into HEG Limited?
How will Riju Jhunjhunwala's leadership strategy differ from his predecessor's, particularly in driving growth for the advanced materials segment?
Access 50+ Readymade Screeners 
Use 200+ Custom Filters 
Get Full Market Insights 
