Overview

• The Scheme of Arrangement received 99.99% backing, with votes cast via remote e-voting and at a meeting convened under National Company Law Tribunal directions.
• The standalone company will include brands Kwality Wall’s, Cornetto and Magnum, separating HUL’s ice-cream business into an independent listed entity.
• Existing HUL shareholders will receive one share in the new ice-cream entity for each HUL share held on the record date.
• Management expects to secure the final tribunal sanction, complete statutory filings and achieve a stock exchange listing by the end of the current fiscal year.
• HUL’s shares rose modestly on the Bombay Stock Exchange following the demerger vote, reflecting investor optimism over the spin-off.