Hindustan Unilever Limited (HUL) to demerge its ice cream business into Kwality Wall’s (KWIL), a wholly-owned subsidiary and will be listed on the BSE and the National Stock Exchange (NSE).
HUL informed that shareholders of HUL will receive one equity share of the newly formed entity for every share they hold in HUL. The demerged entity, Kwality Wall’s will operate as an independent, publicly listed company upon the completion of the process.
Upon demerger and listing of KWIL, the entire shareholding of KWIL will be held directly by shareholders of HUL.
Rohit Jawa, CEO and Managing Director, HUL said, “Our Ice Cream category is a high-growth business with iconic brands such as ‘Kwality Wall’s’, ‘Cornetto’ and ‘Magnum’, operating in an attractive segment. The demerger will unlock fair value for HUL shareholders and give them the flexibility to stay invested in Ice Cream’s growth journey.”