Summary of this article
The record date and ex-date for HUL demerger is tomorrow, December 5
Investors have until today, December 4, to qualify for getting Kwality Wall’s shares
A special pre-open session will be held for HUL shares on December 5, 2025, from 9:00 AM to 10:00 AM
The hour-long session will help the market discover a fair value for Kwality Wall’s
Hindustan Unilever Ltd's (HUL) shares gained nearly a percentage point on December 4 to hit an intraday high of Rs 2,475.30 per share on the NSE, a day ahead of the record date for the demerger of its ice cream business, Kwality Wall's India Ltd. The demerger scheme, approved by the National Company Law Tribunal (NCLT) in October this year, formally came into effect on December 1, 2025.
The FMCG giant has set December 5 as the record date, which will determine the shareholders eligible to receive shares of the newly listed Kwality Wall’s unit. HUL shares will also trade ex-date for the demerger on the same day, in line with the T+1 settlement cycle.
Investors holding HUL shares at least a day before the ex-date will automatically qualify for shares of Kwality Wall’s India. Anyone buying the stock on or after the ex-date will not be entitled to the demerged entity’s shares.
As per the announced entitlement ratio, eligible shareholders will receive one share of Kwality Wall’s India of face value Re 1 for every one share held in HUL.
HUL Demerger Record Date: What Investors Need To Know
A Special Pre-Open Session (SPOS) will be held for HUL shares on December 5, 2025, from 9:00 AM to 10:00 AM, as announced by the NSE, through a circular issued on November 27. The hour-long session will help the market discover a fair value for Kwality Wall’s ahead of its listing. Regular trading in HUL will begin at 10:00 AM.
The SPOS will follow a call-auction mechanism, where buy and sell orders are first collected and then matched to arrive at an equilibrium price. According to the circular, all unmatched orders within the dynamic price band of the discovered price “shall be moved to normal trading session at their limit price” once the market opens. If the exchange is unable to arrive at an equilibrium price, “all orders shall be cancelled, and the stock shall continue to trade in call auction mechanism until price is discovered.”
The special session will also set the base price for block deals. The NSE noted that HUL “shall be eligible only in second session of block deal window… subject to successful price discovery. VWAP price shall be the base price for second block session.” The Volume Weighted Average Price (VWAP) is the average price at which a stock trades through the day, weighted by the volume at each price point.
Starting December 5, Kwality Wall’s will be temporarily added to the Nifty 50 index as the 51st constituent under the dummy symbol ‘DUMMYHDLVR’ at zero price. Under index rules, if the demerged stock does not hit its upper or lower price band within three days of listing, it will be removed from the index. If it does reach the price band, the removal will be extended by another three days.
HUL Demerger: Kwality Wall’s Share Listing Date
Following the record date, Kwality Wall’s shares will be credited to the demat accounts of eligible HUL shareholders, however, these shares will remain frozen until the company secures listing approval from both the NSE and BSE. The exchanges will confirm the official listing date at a later stage.
According to an exchange filing, Kwality Wall’s (India) Ltd is expected to allot the shares on or before December 29, 2025.
