Kwality Wall’s (India) Limited has undergone a significant change in its ownership structure as The Magnum Ice Cream Company HoldCo 1 Netherlands B.V. has acquired a 61.90% stake in the company. This transaction was completed on 30th March 2026, following a Share Purchase Agreement (SPA) dated 25th June 2025.
The SPA involved the transfer of 145,44,12,858 equity shares from the outgoing promoters, a group of entities under the Unilever umbrella, to the incoming promoter, The Magnum Ice Cream Company HoldCo 1 Netherlands B.V. This acquisition grants the incoming promoter control over Kwality Wall’s, classifying them as the new “promoter” under the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.
As a result of this transaction, the outgoing promoters, which include Unilever PLC, Unilever Group Limited, and several other Unilever entities, have been reclassified from the “promoter” category to the “public” category. This reclassification is in accordance with Regulation 31A(10) of the Listing Regulations, and all necessary requirements for this change have been satisfied.
The outgoing promoters have confirmed compliance with the relevant regulations and have undertaken to adhere to the conditions set forth in the Listing Regulations. They have also disclosed their intent to reclassify in various documents related to an open offer made by the incoming promoter and its associates.
This reclassification and change in control mark a new chapter for Kwality Wall’s as it transitions under the leadership of The Magnum Ice Cream Company HoldCo 1 Netherlands B.V.
Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).
This article is written by Kinjal and reviewed by Aman Shukla before publication.