HEG Advanced Material shares see discovered price of ₹260 on the bourses; Here's what you need to know

Shares of HEG Advanced Materials Ltd. made their stock market debut on Monday, September 7, at a price of ₹260 per share. The street was anticipating a listing between ₹175 to ₹200 per share.

HEG Advanced Material is the erstwhile HEG Ltd., which has now received a fresh certificate of incorporation from the Registrar of Companies.

The rebrand marks the near-final step in a composite scheme of arrangement cleared by the Company Law Tribunal's Indore bench on August 13, 2026.

This restructuring separates HEG's legacy graphite electrodes manufacturing from its newer materials and energy businesses, giving each a dedicated listing and its own management team.

HEG Advanced Materials keeps the existing listing and holds the advanced battery materials, graphene, battery energy solutions and green power businesses. Bhilwara Energy Ltd. has been folded into this entity and dissolves without a separate winding-up process. Riju Jhunjhunwala takes over as Chairman, MD and CEO for a five-year term, subject to shareholder approval.

On the flip side, the other entity, HEG Graphite Ltd. will have the graphite electrode operations and is likely to be renamed as HEG Ltd. and will trade as a pure-play electrodes producer. The listing of this could take place within the next 45 days.

What Do Shareholders Get From The HEG Demerger?

Existing shareholders will get one share of the new graphite company, for every one share they own as on the record date. Bhilwara Energy shareholders will receive eight shares of HEG Advanced Materials for every 10 shares of Bhilwara Energy. All the shares, barring those of Bhilwara Energy, carry a face value of ₹2.

"The reorganisation gives each business an independent listing, a focused management and the flexibility to pursue its own growth path," a filing to the exchange said.