Receipt of Observation letter with no adverse observations/No Objection letter from Stock Exchanges on the Scheme of Demerger of Ice Cream Business.
HINDUNILVR · price
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On the reaction day the stock moved 1.4 pts less than Nifty 100 and 0.5 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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Hindustan Unilever has received clearance from both BSE (no adverse observations) and NSE (no objection) on its proposed scheme to demerge its Ice Cream Business into Kwality Wall's (India) Limited (KWIL). The scheme was originally approved by the HUL Board on January 22, 2025. With stock exchange observations now in hand, HUL can proceed to file the scheme with the National Company Law Tribunal (NCLT) within the six-month validity window expiring November 14, 2025. The demerger will create a separate listed entity for HUL's ice cream operations, and shareholders of HUL will receive shares of KWIL in proportion to their existing holdings. Listing of KWIL shares is subject to SEBI relaxation under Rule 19(2)(b) of SCRR and fulfilment of exchange listing criteria.
This is a key regulatory milestone that moves HUL closer to spinning off its ice cream business into a separately listed company. Existing HUL shareholders will become shareholders of both HUL and the new KWIL entity post-demerger. The stock exchange approvals reduce execution risk, though NCLT and other approvals are still pending before the demerger becomes effective.