The Magnum Ice Cream Company, the world's largest ice cream business, headquartered in Amsterdam, officially took control of Kwality Wall's (India) Limited in late March 2026. It now owns 61.9 per cent of the company, having bought that stake from Unilever for roughly ₹2,998 crore. The deal had been in the works since June 2025.
Until recently, Kwality Wall's, Magnum, and Cornetto were all part of Hindustan Unilever Limited. Last year, HUL spun off its ice cream business into a separate, independent company called Kwality Wall's (India) Limited, or KWIL. Every HUL shareholder got one KWIL share for every HUL share they held. KWIL started trading on the BSE and NSE in February 2026.
However, under SEBI rules, any company that buys more than 25 per cent of a listed firm must also make a public offer to buy shares from ordinary investors. So, The Magnum Ice Cream Company is now offering to buy an additional 26 per cent stake from public shareholders at ₹21.33 per share. The deal value is around ₹1,303 crore and the offer window runs from April 23 to May 7, 2026.
KWIL's own independent board directors reviewed this offer price and called it fair, in a regulatory announcement. But at the same time, they pointed out that KWIL shares were already trading at ₹25.22 on NSE, nearly ₹4 more than the offer price.
What can investors do with KWIL shares?
Every person holding KWIL shares faces essentially three choices between now and May 7, 2026.
Option 1: Tender Shares in the Open Offer
They can sell your KWIL shares to The Magnum Ice Cream Company at the open offer price of ₹21.33 per share, through the tendering process open from April 23 to May 7, 2026. The money is guaranteed in such an event. The only thing is that they would be get a price below market level.
Option 2: Trade on the open market
As an investor, they have the right to simply sell their KWIL shares on the stock exchange any day before, during, or after the open offer window, at whatever the prevailing market price is (unless there is a trading halt). But this comes with market risks.
Option 3: Hold and stay as a long-term shareholder
The investor does nothing. They keep your shares and remain a minority shareholder in KWIL, now majority-owned by the world's largest ice cream company. The Magnum Ice Cream Company has explicitly stated it has no intention to delist KWIL from BSE or NSE. The company will continue manufacturing and selling Magnum, Cornetto and Kwality Wall's products in India.
DISCLAIMER: Investments in the securities market are subject to market risks, including the potential loss of principal. Past performance does not guarantee future results. Information provided is for educational purposes only and should not be considered financial advice. Investors should read all related documents carefully and consult a certified adviser before investing.
