New Delhi: Graphite electrode maker HEG Ltd on Monday said its board of directors 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 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.