Corporate Action Update: HUL Sets Record Date for Ice-Cream Business Demerger

Scheme of Arrangement between Hindustan Unilever Ltd (HUL) and Kwality Wall’s (India) Ltd (KWIL). Executive Summary Hindustan Unilever Limited (HUL) has formally announced the implementation schedule for the demerger of its Ice-Cream business into a separate entity, Kwality Wall’s (India) Ltd (KWIL). Following the receipt of necessary approvals from the National Company Law Tribunal (NCLT), the Board has finalized the Record Date for the issuance of shares to eligible shareholders. Key Transaction Details Effective Date: The Scheme of Arrangement becomes effective on December 1, 2025. Record Date: The Company has fixed December 5, 2025, as the Record Date for determining shareholders eligible to receive shares in the new entity. Entitlement Ratio: The demerger will be executed on a 1:1 basis. Shareholders will receive one (1) equity share of KWIL (Face Value ₹1) for every one (1) equity share of HUL held as of the Record Date. Regulatory Status The announcement follows the NCLT's sanction of the demerger order on October 30, 2025, and a subsequent rectification order on November 6, 2025. The Board has confirmed that all conditions under Clause 20 of the Scheme—including the filing of certified NCLT orders with the Registrar of Companies—have been successfully completed. Strategic Rationale & Impact This structural change aligns with Unilever PLC’s global strategy to separate its ice-cream operations. The Board cited distinct business models, specific supply chain requirements, and the unique capital intensity of the ice-cream vertical as the primary drivers for the split. The standalone entity, KWIL, will house marquee brands including Kwality Wall’s, Cornetto, and Magnum. The demerger is intended to: Sharpen strategic focus for both HUL and KWIL. Enable more effective capital allocation tailored to specific business needs. Unlock long-term shareholder value by providing investors with direct exposure to the pure-play ice-cream business.