HUL Sets 1 December as Effective Date for Kwality Wall’s Demerger

Hindustan Unilever Ltd. said on Tuesday that the demerger of its ice-cream arm, Kwality Wall’s (India) Ltd., will take effect on 1 December, according to its exchange filing.

HUL is carving out the ice-cream business into a separate listed company. Under the approved plan, shareholders will get one share of Kwality Wall’s (India) for every HUL share they hold. Magnum HoldCo., part of the Unilever group, will take a majority stake in the new entity as part of the demerger structure.

The board of Kwality Wall’s (India) has also named Ritesh Tiwari as an additional director from Monday. Tiwari currently heads global mergers and acquisitions at Unilever Plc.