Intimation Under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 - Draft Letter of Offer by Magnum

Listed-company acquisitionOpen offer triggeredStrategic Transactions View source PDF Explain this filing

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Price reactionminutes from the announcement price · days from the prior close

+7.8%Reaction day

₹26.19

prior close

₹25.01

announcement price

After-mkt

timing

Nifty Microcap 250market · index membership as recorded later (tracked since Jun 2026)-2.2%+10.0% vs market

Dairy Products peers, median of 10sector-2.3%+10.1% vs sector

On the reaction day the stock moved 10.0 pts more than Nifty Microcap 250 and 10.1 pts more than its Dairy Products peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.

Minutes after the announcementfrom the announcement price · no benchmark

Stock

+2.8

10m

+3.6

15m

+5.4

30m

+5.4

Sessions after the filingfrom the prior close

StockMarketvs marketSectorvs sector

Reaction day

+7.8-2.2+10.0-2.3+10.1

Next day

+2.6-4.8+7.4-3.9+6.6

+3.1-3.8+6.9-3.7+6.7

+0.6-3.9+4.5-3.6+4.2

-1.2-6.5+5.2-6.7+5.5

+1.2-4.2+5.4-5.4+6.5

-2.5-4.6+2.2-4.4+1.9

15d

-9.9-8.2-1.7-8.1-1.9

-9.0-6.6-2.4-4.0-5.0

+4.5+9.4-4.9+7.0-2.5

+12.4+11.0+1.5+3.3+9.2

UpDownMarket · Nifty Microcap 250Sector · Dairy Products peers, median of 10Pending

Minute windows have no benchmark: there is no intraday index history to compare against.

AI summary

Kwality Wall's (India) Limited has received a Draft Letter of Offer for a mandatory open offer by The Magnum Ice Cream Company HoldCo 1 Netherlands B.V. (along with two PACs), at ₹21.33 per share for up to 61.09 crore equity shares (26% of voting share capital), implying a maximum consideration of about ₹1,303 crore. This open offer follows an underlying transaction where Magnum has agreed to buy a 61.90% controlling stake from Unilever group entities (the current promoters) for approximately €278.55 million (₹2,997.84 crore) under a Share Purchase Agreement dated June 25, 2025. Kwality Wall's was itself recently created via the demerger of HUL's ice cream business (effective December 1, 2025, 1:1 share entitlement ratio), with shares listing on February 16, 2026. The tendering period is scheduled from April 15, 2026 to April 28, 2026, with payment by May 13, 2026.

Likely market impact

Public shareholders now have a ₹21.33 per share cash exit opportunity, though the price is notably lower than typical market expectations for an ice cream demerged entity, so shareholders should weigh this floor against any potential post-listing price discovery. Post-open offer, Magnum will become the new promoter, Unilever entities will be reclassified as public shareholders, and Kwality Wall's will operate as part of Magnum's global ice cream platform rather than within the HUL fold.