Ice Make Refrigeration Approves Preferential Allotment and JV Investment
Ice Make Refrigeration approved a preferential allotment of 23,67,573 equity shares at ₹802.51 each, raising approx. ₹190 crore. Additionally, the company will invest ₹35.27 crore for a 40% stake in its new joint venture, 'Ice Make Horeca Private Limited', with Galilei Holdings Co. Ltd.
The preferential allotment provides significant capital infusion, and the formation of a joint venture indicates strategic expansion, both of which can have a substantial impact on the company's growth and market position.
The company has successfully raised capital through a preferential allotment and is expanding its business through a strategic joint venture, both positive developments.
Ice Make Refrigeration Limited's Board of Directors met on September 10, 2026, approving two significant financial actions. Firstly, the company approved the allotment of 23,67,573 equity shares at an issue price of ₹802.51 per share via preferential private placement to non-promoter category investors. The total amount raised from this allotment is approximately ₹190 crore.
Secondly, in furtherance of the joint venture agreement dated July 24, 2026, with Galilei Holdings Co. Ltd., the Board approved the company's subscription to 3,52,70,000 equity shares of the newly incorporated joint venture company, 'Ice Make Horeca Private Limited'. This investment amounts to ₹35.27 crore, representing a 40% stake in the JV company. Galilei Holdings will hold the remaining 60%. The JV company, incorporated on August 5, 2026, will focus on manufacturing and supplying commercial refrigerators and ice makers. The completion of this transaction is subject to conditions precedent in the JV agreement, with an outer date of five months from its execution.
The Board meeting commenced at 11:50 AM and concluded at 12:10 PM on September 10, 2026.
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Ice Make Refrigeration Limited filed this with the NSE as a statutory disclosure, categorised under equity fundraising. It is a primary document, not a recommendation, and the desk marks it high impact, which is the band that most often changes something.
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