Ice Make Refrigeration to raise ₹1,900 Crore via preferential issue to Galilei Holdings
Ice Make Refrigeration will raise ₹1,900 crore via a preferential issue to Galilei Holdings and others. A joint venture, 'Ice Make Horeca Private Limited,' will be formed with Galilei Holdings, where Ice Make will hold 40% and Galilei 60%. Shareholder approval is required for these transactions.
The preferential issue of ₹1,900 crore represents a substantial capital infusion and a significant change in shareholding structure, impacting the company's ownership and future strategy.
The company is undertaking a significant preferential issue and forming a joint venture with a foreign entity, indicating strategic expansion and potential for growth.
Ice Make Refrigeration Limited announced a significant strategic move following a Board of Directors meeting held on July 24, 2026. The company approved the execution of several key agreements with Galilei Holdings Co. Ltd., a Japanese company, aimed at expanding its business operations.
The primary approvals include a Share Subscription Agreement (SSA), a Shareholders' Agreement (SHA), and a Joint Venture Agreement (JV Agreement). Through the SSA, Galilei Holdings will subscribe to 22,42,963 equity shares of Ice Make Refrigeration Limited at an issue price of ₹802.51 per share, aggregating to ₹1,900,001,010 (approximately ₹190 crore).
The JV Agreement establishes 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 Holdings holding 60% of the JV company. This JV will focus on manufacturing, assembling, and selling commercial upright and table-type refrigerators, as well as ice makers and modular blast chillers.
Furthermore, the Board approved the issuance of up to 23,67,573 equity shares on a preferential basis to Galilei Holdings, Ms. Shweta Samir Patel, and Ms. Bhumi Jayeshkumar Patel. This preferential issue, priced at ₹802.51 per share, will raise ₹1,900,001,010 (approximately ₹190 crore) and will represent a 13.05% stake in the company's post-issue share capital on a fully diluted basis.
The company also approved amendments to its Articles of Association (AOA) to align with the terms of the SHA. An Extra-Ordinary General Meeting (EGM) has been scheduled for August 19, 2026, to seek shareholder approval for the AOA amendments, the preferential issue, special rights granted to Galilei, and the creation of a mortgage on the company's assets.
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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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