Hindustan Unilever Ltd (HUL) said on Monday its board of directors has given in-principle approval to demerge the company's ice-cream business into a separate, listed entity. "Subject to the necessary approvals and procedures to be followed in accordance with the applicable laws, it is proposed that the shareholders of HUL will receive shares in the new entity in proportion to their shareholding in HUL. The decision to demerge is subject to approval of the board and the shareholders to the scheme of demerger to be placed before the board early next year," the company said in an exchange filing.
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