The Magnum Ice Cream Company Group has acquired up to 26% stake from the public shareholders of Kwality Wall's (India) Limited, from an open offer.

Khaitan & Co advised The Magnum Ice Cream Company Group on the acquisition.

The transaction team consisted of Abhishek Dadoo (Partner), Gaurav Malhotra (Counsel), Trisha Shetty (Associate) and Diya Dave (Associate).

Kwality Wall'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 Limited into Kwality Wall's.

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 Kwality Wall's from Unilever following the demerger.

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