Ice Make Refrigeration to raise ₹190 Crore via preferential issue to Galilei Holdings
Ice Make Refrigeration approved a preferential issue of up to 23,67,573 equity shares at ₹802.51 per share, raising ₹1,900,001,010 (approx. ₹190 crore). This investment from Galilei Holdings and others will result in a 13.05% stake. A joint venture, 'Ice Make Horeca Private Limited,' will be formed with Galilei holding 60% and Ice Make Refrigeration 40%. An EGM is scheduled for August 19, 2026, for approvals.
The preferential issue of ₹190 crore and the formation of a joint venture with a foreign entity are material events that will significantly impact the company's capital structure, business operations, and strategic direction.
The company is undertaking a significant fundraising and forming a joint venture with a foreign entity, which is generally viewed positively as it indicates expansion and strategic growth.
Ice Make Refrigeration Limited's Board of Directors has approved a significant strategic move, including the execution of a Share Subscription Agreement (SSA), Shareholders' Agreement (SHA), and a Joint Venture Agreement (JV Agreement) with Galilei Holdings Co. Ltd., a Japanese company.
Under the SSA, Galilei will subscribe to 22,42,963 equity shares of Ice Make Refrigeration. Concurrently, the company approved 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 (approximately ₹190 crore) to Galilei Holdings, Ms. Shweta Samir Patel, and Ms. Bhumi Jayeshkumar Patel. This preferential issue represents a minority investment of 13.05% of the post-issue share capital on a fully diluted basis.
The JV Agreement focuses on the incorporation of a new entity, "Ice Make Horeca Private Limited," which will initially be a wholly-owned subsidiary of Ice Make Refrigeration. Post-incorporation, a fund raise will occur, resulting in Ice Make Refrigeration holding 40% and Galilei holding 60% of the JV Company. This new entity will engage in the manufacturing, assembly, supply, and sale of commercial refrigerators and related products, as well as the import and sale of specified products.
Additionally, the Board has approved amendments to the Articles of Association (AOA) to incorporate terms from the SHA, and has granted certain special rights to Galilei, subject to shareholder approval. An Extra-Ordinary General Meeting (EGM) is scheduled for August 19, 2026, to seek shareholder approval for the AOA amendments, preferential issue, special rights granted to Galilei, and the creation of a mortgage/charge on the company's assets.
The Board meeting, held on July 24, 2026, commenced at 11:00 a.m. and concluded at 12:10 p.m.
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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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