The HUL demerger is now in its final stages, with December 5, 2025, set as the record date to determine shareholder eligibility for receiving shares of the newly created entity Kwality Wall’s Ltd (KWIL). Today, December 4th, was the last trading day for investors to buy Hindustan Unilever shares and qualify for the 1:1 allotment of KWIL shares.
The demerger of this FMCG major, Hindustan Unilever’s ice-cream business, into a separate entity, Kwality Wall’s (India) Ltd (KWIL), officially came into effect on December 1st this year.
The HUL demerger will carve out iconic brands such as Kwality Wall’s, Cornetto, Magnum, Feast, and Creamy Delight, shifting them into the newly formed listed company. The record date for shareholder eligibility is December 5, meaning December 4 was the last day for investors to buy HUL shares to qualify for KWIL shares.
1:1 Allotment Ratio & Shareholder Eligibility
Under the approved demerger scheme, the allotment ratio is 1:1, meaning every eligible shareholder will receive 1 fully paid KWIL share with a face value of Rs 1 for each HUL share held as of the record date. Due to T+1 settlement rules, investors needed to purchase HUL shares on or before December 4 to be considered eligible. Only shareholders whose names appear in the demat account by the end of the record date will receive the new shares.
Key Dates: Demerger Effective, Allotment & Credit Timeline
The demerger became legally effective on December 1st after receiving approval from the NCLT. The company has confirmed that the allotment of KWIL shares will be completed on or before December 29, after which the shares will be credited directly into the demat accounts of eligible HUL shareholders.
Listing Window: KWIL to Debut on NSE & BSE
KWIL shares will be listed on both the NSE and BSE within 60 days from the allotment date, and the expected listing timeline is between late January and February 2026.
According to a circular by the exchange, the NSE will conduct a special pre-open session for HUL on December 5. According to the index adjustments, the demerged entity Kwality Wall’s (India) Ltd will be temporarily added to 35 Nifty indices at a zero price, using a dummy symbol ‘DUMMYHDLVR’ only for price discovery purposes before HUL retains its original position.
Once listed, HUL will continue as an independent FMCG leader, while KWIL will trade separately as India’s first large-scale pure-play ice cream company. The exchanges will announce the final listing date, ISIN, and symbol closer to the event.
HUL Share Price Ahead of Demerger
Ahead of the demerger record date, HUL shares closed at Rs. 2,464.10 on December 4, rising 0.66% for the day. Over the past six months, the stock has delivered a 4.21% gain, and investor optimism is growing regarding the value generation which is expected from the demerger. The ice cream division contributes nearly 3% of HUL’s annual turnover, generating around Rs. 1,800 crore per year.
