Ice Make Refrigeration to form JV with Galilei, raises ₹1900 Crore via preferential issue
Ice Make Refrigeration approved a JV with Japan's Galilei Holdings and a ₹1900 crore preferential issue. Galilei will subscribe to 22,42,963 equity shares at ₹802.51 each. A new JV company, 'Ice Make Horeca Private Limited', will be formed with a 40:60 ownership split (Ice Make:Galilei). Shareholder approval is sought for these and other resolutions at an EGM on August 19, 2026.
The formation of a joint venture with a foreign entity and a substantial equity fundraising will significantly impact the company's structure, operations, and financial position.
The company is entering into a strategic joint venture and raising significant capital through a preferential issue, which is generally viewed positively for growth and expansion.
Ice Make Refrigeration Limited announced today, July 24, 2026, a series of significant strategic decisions approved by its Board of Directors.
The company has approved the execution of key agreements, including a Share Subscription Agreement (SSA) and a Shareholders' Agreement (SHA) with Galilei Holdings Co. Ltd. (Galilei), a Japanese company, and certain promoters. Under the SSA, Galilei will subscribe to 22,42,963 equity shares of Ice Make Refrigeration.
Furthermore, the Board has approved the formation of a joint venture (JV) company named "Ice Make Horeca Private Limited" through a JV Agreement with Galilei. This JV will focus on manufacturing, assembling, and selling commercial upright and table-type refrigerators, ice makers, and modular blast chillers. Initially, the JV company will be a wholly-owned subsidiary of Ice Make Refrigeration, but post-incorporation, it will raise funds, resulting in Ice Make Refrigeration holding 40% and Galilei holding 60% of the JV company's shareholding.
In conjunction with these agreements, Ice Make Refrigeration will undertake a preferential issue of up to 23,67,573 equity shares at an issue price of ₹802.51 per share, aggregating to ₹1,900,001,010. The proposed allottees include Galilei Holdings Co. Ltd., Ms. Shweta Samir Patel, and Ms. Bhumi Jayeshkumar Patel. This preferential issue will represent a 13.05% stake in the company's post-issue share capital on a fully diluted basis.
The Board also approved amendments to the Articles of Association (AOA) to incorporate terms from the SHA. These proposals, along with the special rights granted to Galilei and the creation of a mortgage/charge on company assets, will be presented for shareholder approval at an Extra-Ordinary General Meeting (EGM) scheduled for August 19, 2026.
What to do with a filing like this
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.
That call is the part a filing cannot make for you. On RealCase, SEBI-registered research analysts and investment advisers read announcements like this one and turn the ones that matter into actions inside their model portfolios: a change in weight, a hold, or nothing at all. You are not left working out which of the roughly 250 filings published each day needs a response. The portfolio you follow is updated when a filing actually warrants it, with the reason written down.
See the model portfoliosA plain-language summary of a public exchange filing by Ice Make Refrigeration Limited. Read the original for the full detail.