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Graphite electrode maker HEG Monday said its board has approved a share buyback offer worth ₹750 crore.
Besides, the board has cleared an investment proposal of ₹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 on 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 ₹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 ₹4,360.40, up 0.22 per cent, on BSE.
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