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The board of directors of HEG Ltd, the graphite electrode maker, has declared that they have approved a share buyback offer worth Rs 750 crores.
In the statement released to BSE, HEG Ltd said, “The board of directors of the company at its meeting held Monday approved a proposal to buy back up to 13,63,636 shares of the company, being 3.41 per cent of the total paid up capital of the company for an aggregate amount not exceeding Rs 750 crore.”
Also, an investment proposal of Rs 1,200 crores has been accepted by the board in order to expand the capacity of graphite electrodes and related products by 20,000 tonnes per annum (TPA). According to the filings, the existing capacity stands 80,000 TPA.
HEG Ltd hosts the single largest site of an integrated graphite electrode facility in the world at the company’s Mandideep plant near Bhopal in Madhya Pradesh.
