Graphite electrode maker HEG Monday said its board has approved a share buyback offer worth Rs 750 crore.
Besides, the board has cleared an investment proposal of Rs 1,200 crore to expand the graphite electrodes and related products capacity by 20,000 tonne per annum (TPA).The existing capacity is 80,000 TPA, it said in a BSE filing.
"The board of directors of 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 company for an aggregate amount not exceeding Rs 750 crore," it said.
The company's plant at Mandideep near Bhopal in Madhya Pradesh is the largest single-site integrated graphite electrode facility in the world.
Stock of HEG settled at Rs 4,360.40, up 0.22 per cent, on BSE.
Disclaimer: No Business Standard Journalist was involved in creation of this content
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app