Kwality Wall's (India) Limited has announced a significant corporate governance development following its recent stock exchange listing. The company's Board of Directors has approved the appointment of a new Secretarial Auditor for an extended five-year term, marking an important step in strengthening its compliance framework.

Board Meeting Outcomes

During a board meeting held on 20th February, 2026, Kwality Wall's directors approved the appointment of M/s. S. N. ANANTHASUBRAMANIAN and Co. (SNACO) as the company's Secretarial Auditor. The meeting, which commenced at 02:00 P.M. (IST) and concluded at 03:40 P.M. (IST), saw the board act on the Audit Committee's recommendation for this strategic appointment.

Regulatory Compliance Context

The appointment comes in response to the company's recent listing milestone. Kwality Wall's equity shares were listed on BSE Limited and National Stock Exchange of India Limited, with the listing becoming effective on 16th February, 2026. This development brought the company under the purview of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, specifically Regulation 24A, which mandates secretarial audit requirements for listed companies.

The board had initially appointed SNACO as Secretarial Auditors for Financial Year 2025-26 during a meeting held on 21st November, 2025. However, following the listing, the board revised the appointment term to span five consecutive financial years, demonstrating a commitment to long-term compliance stability.

About the Appointed Auditor

SNACO brings substantial experience to this role, having been established in 1991 with over three decades of expertise in corporate compliance and governance functions. The firm operates as a Peer Reviewed entity in accordance with Institute of Company Secretaries of India guidelines.

The firm serves a diverse clientele spanning multiple sectors including public sector companies, FMCG firms, insurance companies, market infrastructure institutions, emerging businesses, leading corporates, and not-for-profit organizations. This broad sectoral experience positions SNACO well to handle Kwality Wall's compliance requirements as a newly listed FMCG company.

Corporate Information

Kwality Wall's (India) Limited operates from its registered office located at 13th Floor, Oberoi Commerz II, International Business Park, Oberoi Garden City, Goregaon East, Mumbai, Maharashtra. The company trades under stock codes BSE: 544622 and NSE: KWIL, with ISIN: INE2KCE01013. The appointment announcement was signed by Company Secretary & Compliance Officer Anand Upadhyay, emphasizing the company's commitment to maintaining robust governance standards in its new avatar as a publicly listed entity.

Kwality Wall's (India) Limited has successfully listed its equity shares on BSE Limited and National Stock Exchange of India Limited, marking a significant milestone following the demerger from Hindustan Unilever Limited. The listing coincides with regulatory disclosures from Unilever PLC regarding substantial shareholding acquisition and The Magnum Ice Cream Company HoldCo 1 Netherlands B.V.'s mandatory open offer.

Successful Stock Exchange Listing

The company announced its successful listing on February 16, 2026, with trading commencing on both exchanges. The shares are listed on BSE with scrip code 544622 and on NSE with symbol KWIL under ISIN INE2KCE01013.

The listing follows the demerger of Hindustan Unilever Limited's ice cream business, which became effective on December 1, 2025, after approval from the National Company Law Tribunal, Mumbai Bench. HUL shareholders as of the record date December 5, 2025, received one equity share of Kwality Wall's for every HUL share held.

Unilever PLC Regulatory Disclosure

Unilever PLC has filed mandatory disclosure under Regulation 29(1) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, confirming the acquisition of substantial shareholding in Kwality Wall's. The disclosure, dated February 18, 2026, details the acquisition of 1,45,44,12,858 equity shares representing 61.90% of the voting share capital.

The acquisition occurred pursuant to the Scheme of Arrangement for demerger approved by the National Company Law Tribunal, Mumbai Bench, on October 30, 2025, with rectification order dated November 6, 2025. The ice cream business undertaking was demerged with effect from December 1, 2025.

Promoter Group Shareholding Structure

The regulatory filing reveals the detailed shareholding pattern among Unilever entities following the demerger. Unilever PLC holds the largest stake among the promoter group entities.

Open Offer Details

Simultaneously, The Magnum Ice Cream Company HoldCo 1 Netherlands B.V., along with persons acting in concert, has announced a mandatory open offer to acquire up to 61,08,93,729 equity shares from public shareholders. The offer represents 26.00% of the voting share capital at INR 21.33 per share.

The open offer obligation arose from a share purchase agreement dated June 25, 2025, under which the acquirer purchased 145,44,12,858 equity shares (61.90% voting share capital) from seven Unilever entities for EUR 278,553,038.86.

Company Profile and Market Position

Kwality Wall's (India) Limited emerges as one of India's leading ice cream and frozen dessert companies with a 70-year legacy. The company houses iconic brands including Cornetto, Magnum, Twister, and Kwality Wall's, operating nationally across more than 400 cities with presence in over 200,000 outlets and 15,000 plus push carts.

A company spokesperson highlighted the strategic significance: "This listing marks a defining moment for Kwality Wall's (India) Limited. As a standalone, publicly listed company, we will be able to have a sharper focus, bolder & faster innovation approach and more focus on the front line."