Ice Make Refrigeration Limited Completes Preferential Allotment and Subscribes Shares in JV Entity
Preferential Allotment Details
Ice Make Refrigeration Limited announced the successful allotment of equity shares through a preferential issue to non-promoter investors. The Board meeting approving the transaction was held on September 10, 2026.The company allotted a total of 23,67,573 Equity Shares. These shares were issued at an issue price of INR 802.51 per Equity Share, which includes a premium of INR 792.51 per Equity Share over the face value of INR 10/-. The allotment was executed on a preferential basis through private placement.
The investors who received the allotment were categorized as non-promoters and included Galilei Holdings Co. Ltd. (formerly known as Galilei Co. Ltd.), Ms. Bhumi Jayeshkumar Patel, and Ms. Shweta Samir Patel.
Key details regarding the preferential issue are as follows:
| Particulars | Equity Shares |
|---|---|
| Face Value per Share | INR 10/- |
| Issue Price per Share | INR 802.51 |
| Premium per Share | INR 792.51 |
| Total Shares Allotted | 23,67,573 |
The outcome of the allotment, which involved pre-allotment and post-allotment equity, showed the following data for Galilei Holdings Co. Ltd. (formerly known as Galilei Co. Ltd.):
| Metric | Details |
|---|---|
| Pre-Allotment Equity | Nil |
| Post-Allotment Equity | 2,242,963 shares |
| Shareholding Percentage | 12.36% |
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Ice Make Refrigeration Limited Subscribes Shares in New JV Entity
Ice Make Refrigeration Limited has approved the subscription of equity shares in Ice Make Horeca Private Limited, a newly incorporated company. This investment forms part of the company's growth strategy, aiming to expand its commercial refrigeration business and related product offerings through the joint venture.The company subscribed 3,52,70,000 Equity Shares in Ice Make Horeca Private Limited. The total aggregate subscription consideration for this stake was INR 35,27,00,000.
The JV Company was incorporated on August 5, 2026. The investment is classified as a related party transaction and will be undertaken on an arm's length basis.
Details of the investment in Ice Make Horeca Private Limited are provided below:
| Metric | Details |
|---|---|
| Target Entity Name | Ice Make Horeca Private Limited |
| Date of Incorporation | August 5, 2026 |
| Company's Subscription Shares | 3,52,70,000 Equity Shares |
| Total Consideration | INR 35,27,00,000 |
| Company's Final Shareholding | 3,52,80,000 Equity Shares (40%) |
| Transaction Type | Cash consideration |
The JV Company is involved in manufacturing, assembling, producing, and integrating components for commercial upright and table-type refrigerators, as well as the business of import and sale of specified products for the Interim Period. The scope also covers future manufacturing of commercial upright and table type refrigerators, derivatives, and modular blast chillers.
The completion of the transaction is subject to the satisfaction of conditions precedent set out in the Joint Venture Agreement.
ICEMAKE Stock Price Movement
As of 12:34 PM, Ice Make Refrigeration Limited shares surge to ₹755, buoyed by a 4.04% gain in live trading. The stock trades within its intraday range, reaching a high of ₹760 and seeing a volume of 9,828 shares.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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