HEG promoter group stake rises to 60.72% after scheme completion
- Promoter group stake rises to 60.72% from 56.28%
- LNJ Spark Advisory acquires 12.29% via scheme
- Scheme sanctioned by NCLT Indore on August 13, 2026
- Total equity capital increases to 65.96 crore shares
*this image is generated using AI for illustrative purposes only.
The promoter group of HEG Advanced Materials Limited has increased its shareholding in the company from 56.28% to 60.72% following the completion of a composite scheme of arrangement.
This disclosure was made by LNJ Spark Advisory LLP under Regulation 29(2) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, on September 15, 2026. The increase stems from the allotment of 9,16,59,141 shares pursuant to the scheme involving HEG Advanced Materials Limited (formerly HEG Limited), HEG Graphite Limited, and Bhilwara Energy Limited. The date of receipt of intimation of allotment was September 12, 2026.
Promoter Group Shareholding
The acquisition was exempted from making an open offer under Regulation 10(1)(d)(ii), which covers acquisitions pursuant to a scheme of arrangement involving the target company as a transferee or transferor. The overall promoter holding now stands at 60.72% of the total share capital.
| Entity | Pre-Transaction Shares | Pre-Transaction % | Post-Transaction Shares | Post-Transaction % |
|---|---|---|---|---|
| Redrose Vanijya LLP | 56,842,775 | 29.46% | 93,649,752 | 28.40% |
| Norbury Investments Ltd. | 26,814,955 | 13.90% | 26,814,955 | 8.13% |
| Microlight Investments Ltd. | 23,327,895 | 12.09% | 23,327,895 | 7.07% |
| LNJ Spark Advisory LLP | - | - | 40,536,893 | 12.29% |
| RSWM Ltd. | 1,591,955 | 0.82% | 15,906,195 | 4.82% |
| Ravi Jhunjhunwala | 3,595 | 0.00% | 4,623 | 0.00% |
| Riju Jhunjhunwala | 6,780 | 0.00% | 6,782 | 0.00% |
| Rishabh Jhunjhunwala | 9,035 | 0.00% | 9,036 | 0.00% |
| Rita Jhunjhunwala | 9,380 | 0.00% | 9,380 | 0.00% |
| RLJ Family Trusteeship Pvt. Ltd | 2,500 | 0.00% | 2,500 | 0.00% |
| Total | 108,608,870 | 56.28% | 200,268,011 | 60.72% |
Scheme Context
The scheme was sanctioned by the Hon'ble NCLT, Indore Bench, on August 13, 2026. Under the terms, eligible shareholders received 8 equity shares of HEG Advanced Materials for every 7 equity shares of Bhilwara Energy held as on the record date of September 1, 2026.
Previously, Singularity Funds and its persons acting in concert had acquired a 13.04% stake through the same scheme, involving the allotment of 43,070,852 equity shares. The total equity share capital of HEG Advanced Materials increased from 38,59,55,060 shares before the acquisition to 65,95,97,824 shares after the allotment.
What the Numbers Show
The promoter group's stake increased by 4.44 percentage points, yet remains below the 75% threshold often associated with maximum promoter concentration in listed entities. Notably, while the absolute number of shares held by Norbury Investments and Microlight Investments remained unchanged, their percentage stakes diluted significantly due to the fresh issuance of shares to other promoter entities like LNJ Spark Advisory LLP and Redrose Vanijya LLP. This indicates that the new shares were allocated primarily to specific entities within the concert party rather than being distributed pro-rata across all existing promoter holdings.
How will the increased promoter concentration of 60.72% impact the liquidity and trading volume of HEG Advanced Materials shares in the near term?
What are the specific strategic synergies expected from integrating Bhilwara Energy Limited into HEG Advanced Materials, and how will this affect the company's carbon footprint or production costs?
Given that LNJ Spark Advisory LLP received a significant portion of the new allotment, does this signal a shift in management control or advisory influence within the promoter group?
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