New Delhi, Aug. 19 -- HEG, a leading global manufacturer of graphite electrodes, on Wednesday said it had received approval from the National Company Law Tribunal (NCLT) for its demerger plan. The company said the NCLT had approved the Composite Scheme of Arrangement among HEG, HEG Graphite, and Bhilwara Energy.

The approval paves the way for the creation of two independently listed companies, with HEG shareholders set to receive one HEG Graphite share for everyone HEG share held.

The NCLT's approval follows earlier approvals from the boards and shareholders of the companies, as well as no-objection letters from the BSE and NSE. The scheme had also previously been approved by the equity shareholders and secured and unsecured creditors o...