The Magnum Ice Cream Company Group - Open Offer

Khaitan & Co advised The Magnum Ice Cream Company group in relation to the mandatory open offer for acquisition of up to 26% stake from the public shareholders of Kwality Wall's (India) Ltd (KWIL). KWIL’s shares were listed on the Indian stock exchanges on 16 February 2026 post the demerger of the ice cream business undertaking of Hindustan Unilever Ltd into KWIL. The open offer was triggered pursuant to the share purchase agreement executed between certain Magnum entities and Unilever entities whereby Magnum had agreed to acquire a controlling stake (i.e., 61.90%) in KWIL from Unilever following the demerger.