The Magnum Ice Cream Company HoldCo 1 Netherlands B.V., (the acquirer) Magnum ICC Finance B.V. (PAC 1) and The Magnum Ice Cream Company N.V. (PAC 2) have announced an open offer to acquire 61.09 crore equity shares, representing 26% of the voting share capital of Kwality Wall’s India Ltd. (KWIL), from public shareholders.
The offer is priced at ₹21.33 per share, aggregating to ₹1,303 crore, and has been announced through Kotak Mahindra Capital Co. Ltd.
The development comes as KWIL is set to list on the BSE and NSE on Monday, following the demerger of the ice cream business undertaking of Hindustan Unilever Ltd. (HUL).
Under the demerger scheme, shareholders of HUL were allotted one equity share of KWIL for every share held as of the record date, December 5, 2025.
HUL collectively held 145.44 crore equity shares in KWIL, representing a 61.90% stake.
Pending regulatory approvals for the scheme, the acquirer entities, along with Persons Acting in Concert (PACs) and the sellers, had entered into a share purchase agreement (SPA) on June 25, 2025. The agreement involves acquisition of a controlling stake in the target company for ₹2,998 crore.
As the SPA entails acquisition of voting rights exceeding 25% along with control, the open offer is being made in compliance with Regulations 3(1) and 4 of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations.
Upon completion of the acquisition and the open offer, the acquirer’s shareholding is expected to rise to 87.90%, translating to 206.53 crore equity shares. The acquirer and PAC belongs to Netherlands-based The Magnum Ice Cream Company.