** Shares of Kwality Wall's (India) KWAI.NS drop 24% to 30.55 rupees in trading debut; firm valued at 71.78 bln rupees ($791.3 mln) as of 12:12 IST

** Ice cream maker's shares list on NSE at 29.80 rupees vs discovered price of 40.20 rupees

** KWAI shares listed post demerger from Hindustan Unilever HLL.NS, Indian unit of Unilever ULVR.L

** Demerger part of Unilever's plan to separate its global ice cream business into a new co, The Magnum Ice Cream Company MICCT.L

** The Magnum Ice Cream launches open offer to public shareholders of KWAI for acquisition of up to 26% stake at 21.33 rupees per share, triggered after acquisition of 61.9% stake from Unilever Group entities

** KWAI's overall trading vols at 39.6 mln shares so far

($1 = 90.7130 Indian rupees)

(Reporting by Vijay Malkar)

((VijayDattaram.Malkar@thomsonreuters.com;))