Material update in connection with the Scheme of Arrangement - Communication received from Kwality Wall's (India) Limited
HINDUNILVR · price
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On the reaction day the stock moved 2.9 pts less than Nifty 100 and 3.6 pts less than its Fast Moving Consumer Goods peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Kwality Wall's (India) Limited (KWIL), the entity housing HUL's Wall's ice cream business under the ongoing Scheme of Arrangement, has received final listing and trading approval from both BSE and NSE. About 23.5 crore equity shares (2,34,95,91,262 shares of ₹1 each), allotted pursuant to the scheme, will begin trading on February 16, 2026 under the symbol 'KWIL'. This follows the stock exchanges' observation letters on the scheme issued in May 2025. HUL is required to continuously disclose material developments on KWIL as part of the scheme compliance. The listing marks the formal separation of the ice cream business into a standalone publicly traded company.
HUL shareholders are expected to receive KWIL shares in proportion to their HUL holdings, effectively unlocking the value of the ice cream business as a separate listed entity. This could lead to a re-rating or short-term price adjustment in HUL based on how the market values the demerged business versus its earlier embedded valuation.