HEG Limited (NSEI:HEG) agreed to Spin-Off Graphite Business of HEG Limited on May 22, 2024. As per the scheme, HEG shareholders will receive one share of Graphite Business for each share they held in the company. The scheme is subject to various regulatory approvals and compliances.

HEG Limited board has approved the scheme. EY LLP acted as the Project and Tax advisors to the Scheme, and Khaitan & Co acted as a legal advisor to HEG limited. The valuation report for the Scheme has been issued by PwC Business Consulting Services LLP.

ICICI Securities Limited provided the fairness opinion to HEG Limited.