Magnum Ice Cream to Acquire 61.90% in Kwality Wall’s India for ₹2,997.84 Crore; Announces ₹1,303 Crore Open Offer at ₹21.33 Per Share

Mumbai, February 16, 2026 – Kwality Wall’s (India) Limited (BSE: 544622 | NSE: KWIL) has received a public announcement from The Magnum Ice Cream Company HoldCo 1 Netherlands B.V., along with Magnum ICC Finance B.V. and The Magnum Ice Cream Company N.V., regarding a controlling stake acquisition and a subsequent open offer to public shareholders.
The acquirer has entered into a share purchase agreement to acquire 145,44,12,858 equity shares, representing 61.90% of the voting share capital, for a total consideration of EUR 278.55 million, equivalent to ₹2,997.84 crore. Following this transaction, a mandatory open offer has been launched to acquire up to 61,08,93,729 equity shares, representing 26.00% of the voting share capital, at a price of ₹21.33 per share, aggregating to a total consideration of ₹1,303.04 crore, assuming full acceptance .

Open Offer Details​

The offer is not conditional upon any minimum level of acceptance. Upon full acceptance, the acquirer’s total shareholding would increase to 87.90% of the voting share capital, equivalent to 206,53,06,587 equity shares .

Underlying Transaction Triggering the Offer​

The acquisition stems from the purchase of promoter-held shares following the demerger of the ice cream business from Hindustan Unilever Limited into Kwality Wall’s (India) Limited.

Share Purchase Agreement Snapshot​

Post completion, the existing promoter entities will divest their entire 61.90% holding and cease to hold equity in the company .

Shareholding Change – Before and After Transaction​

Sellers’ Holding Position​

Acquirer and Group Structure​

The acquirer is a Netherlands-based entity and forms part of The Magnum Ice Cream Company group. The ultimate parent entity, The Magnum Ice Cream Company N.V., is publicly listed on Euronext Amsterdam, the London Stock Exchange, and the New York Stock Exchange .
Prior to the transaction, the acquirer and persons acting in concert held nil shares in the target company. Upon completion of the share purchase agreement, the acquirer will hold 61.90%, rising to 87.90% assuming full acceptance of the open offer .

Listing and Trading Status​

Kwality Wall’s (India) Limited received listing and trading approval on February 12, 2026, and its equity shares commenced trading on February 16, 2026 on:

• BSE Limited – Scrip Code: 544622
• National Stock Exchange of India Limited – Symbol: KWIL
• ISIN: INE2KCE01013

Strategic Implications​

The transaction marks a transition of ownership in India’s standalone ice cream entity following its demerger. The acquirer has stated it has no intention to delist the company pursuant to the open offer .
Upon completion of the underlying transaction and open offer, control of Kwality Wall’s (India) Limited will vest with the acquirer.

About Kwality Wall’s (India) Limited​

Kwality Wall’s (India) Limited is a recently listed entity engaged in the ice cream business in India, following the demerger of the ice cream division from Hindustan Unilever Limited. The company operates under the ‘Kwality Wall’s’ brand and is listed on both BSE and NSE.

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