Kwality Wall's lists at discount post HUL demerger; open offer at Rs 21.33 announced

Shares of Kwality Wall's (India) began trading on the bourses on Monday, marking the standalone listing of the ice cream business following its demerger from Hindustan Unilever.

The stock listed at Rs 29.90 on the BSE and at Rs 29.80 on the NSE, below the adjusted reference prices of Rs 38.15 on the BSE and Rs 40.20 on the NSE. It was last trading at Rs 31.25 on the BSE.

The listing follows the demerger of Hindustan Unilevers ice cream business into Kwality Walls (India), effective 1 December 2025 under a scheme approved by the National Company Law Tribunal. Shareholders of Hindustan Unilever as of 5 December 2025 received one share of Kwality Walls for every share held. The company owns brands such as Magnum, Cornetto and Twister and operates in over 400 cities with a distribution network of more than 200,000 outlets.

Separately, Kwality Walls informed the exchanges that an open offer has been announced by The Magnum Ice Cream Company HoldCo 1 Netherlands B.V. to acquire up to 26% of the companys voting share capital from public shareholders at Rs 21.33 per share, aggregating to about Rs 1,303 crore, subject to full acceptance. The open offer has been triggered by a share purchase agreement under which the acquirer will buy a 61.90% stake, or about 145.44 crore shares, from Unilever group entities for around Rs 2,998 crore. Upon completion of the transaction and assuming full acceptance of the open offer, the acquirers stake could rise to 87.90%. The offer will be made in cash and is not subject to a minimum acceptance condition. The company has stated that there is no intention to delist the shares.

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