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.