Intimation regarding receipt of Post Open Offer Advertisement issued by Magnum under SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011
KWIL · price
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On the reaction day the stock moved 2.5 pts less than Nifty Microcap 250 and 1.5 pts less than its Dairy Products peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
Minute windows have no benchmark: there is no intraday index history to compare against.
Magnum Ice Cream Company (Netherlands) completed its open offer for up to 26% of Kwality Walls India at INR 21.33 per share. The offer ran from April 23 to May 7, 2026, with payment on May 14. However, the offer received extremely poor response — only 1,42,126 shares were tendered and accepted (0.01% of the offer size), worth just INR 30.3 lakh against the anticipated INR 1,303 crore. Prior to this offer, Magnum had already acquired 61.90% of Kwality Walls (1,45,44,12,858 shares) via an off-market transfer completed on March 30, 2026. After the open offer, Magnum's total holding stands at 61.91%, far below the expected 87.90% (assuming full acceptance). The public shareholding dropped marginally from 38.10% to 38.09%.
The open offer was largely ignored by public shareholders, likely because the offer price of INR 21.33 was unattractive relative to the market price. Magnum remains in control with ~62% stake, and there is no immediate price catalyst from this filing.