Ice Make Refrigeration Approves Preferential Allotment of ₹190 Crore Equity, Forms JV
Ice Make Refrigeration approved the allotment of 23,67,573 equity shares at ₹802.51 each, raising approximately ₹190 crore via preferential private placement. 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. holding 60%.
The preferential allotment of shares will infuse capital into the company, and the formation of a joint venture signifies a strategic move for business expansion, both of which can have a substantial impact on the company's financial health and market position.
The company has successfully raised significant capital through a preferential allotment and has also entered into a joint venture to expand its business, both of which are positive developments.
Ice Make Refrigeration Limited held a Board of Directors meeting on September 10, 2026, during which they approved the allotment of 23,67,573 equity shares at an issue price of ₹802.51 per share, totaling approximately ₹190 crore. These shares were issued on a preferential basis through private placement to non-promoter category investors, including Galilei Holdings Co. Ltd., Ms. Bhumi Jayeshkumar Patel, and Ms. Shweta Samir Patel. The shares carry a face value of ₹10 each, with a premium of ₹792.51 per share. The company will apply to NSE for the listing of these new equity shares.
In a separate development, the Board also approved the subscription of 3,52,70,000 equity shares in the newly incorporated joint venture company, Ice Make Horeca Private Limited, for an aggregate consideration of ₹35,27,00,000 (₹35.27 crore). This investment represents a 40% stake in the JV Company, with Galilei Holdings Co. Ltd. holding the remaining 60%. The JV Company, incorporated on August 5, 2026, will be engaged in the manufacturing and sale of commercial refrigeration equipment, including upright and table-type refrigerators, and ice makers. This investment is part of Ice Make Refrigeration's growth strategy to expand its commercial refrigeration business. The transaction is considered a related party transaction and will be conducted on an arm's length basis. The completion of the JV subscription is subject to conditions precedent in the JV Agreement, with an outer date for completion within 5 months from the JV agreement execution.
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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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