Electrode maker HEG announces Rs 7.5-bn buyback, Rs 12-bn expansion plan

Graphite electrodes manufacturer HEG has approved a Rs 7.5-billion share repurchase programme and Rs 12-billion expansion programme, the company said in a statement. HEG proposes to buyback 1.36 million shares at Rs 5,500 apiece through the "tender route". Shares of the company on Monday closed at Rs 4,338. The buyback is at a premium of 27 per cent. 

HEG also announced an expansion of its graphite electrode capacity to 100,000 tonnes per annum (TPA) from 80,000 TPA at a cost of Rs 12 billion. The company said it will fund the expansion through internal accruals and debt, if required. "The fresh