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Mumbai, November 26 (IANS) The board of directors of the graphite electrode manufacturer HEG approved a redemption of 3.41 percent of the shares of the company, of a value of 750 crores.
The company set the repurchase price at Rs.5,500 per share.
"It is proposed to proceed with the repurchase of the shareholders of the company on a proportional basis as part of the process of public tender offer using the stock exchange mechanism as notified by SEBI", a said the company in a statement released Monday.
In addition, HEG also announced that its graphite electrode capacity would be increased from 80,000 TPA to 100,000 TPA (tons per year).
"The additional 20,000 TPA will cost Rs.1,200 crore and will probably be financed through internal regularization. and debt, if necessary. The new capacity is expected to come on stream in the next 30 to 36 months. "
HEG currently operates at a capacity of 85 to 90%.
– IANS
rv / nir
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