Graphite electrodes manufacturer HEG's board has approved a buyback of 3.41 per cent of the company's equity shares worth Rs 750 crore.

The firm has set the buyback price at Rs 5,500 per equity share.

"The buyback is proposed to be made from the shareholders of the company on a proportionate basis under the tender offer route using the stock exchange mechanism as notified by SEBI," the company said in a statement on Monday.

In addition, HEG also announced an expansion of its graphite electrode capacity to 100,000 TPA (tonnes per annum) from 80,000 TPA.

"The additional 20,000 TPA will be at the cost of 1,200 crore rupee and is likely to be financed via internal accruals and debt, if required. The fresh capacity is likely to come on stream within 30-36 months."

HEG is currently operating at a capacity of 85-90 per cent.-IANS