Ice Make Refrigeration 's Board of Directors approved a joint venture agreement with Galilei Holdings Co. Ltd. to form Ice Make Horeca Private Limited, alongside a ₹1,900 crore preferential equity issue on July 24, 2026. The strategic partnership aims to expand the company’s presence in commercial refrigeration, with Galilei acquiring a 12.36% stake in Ice Make and a controlling 60% interest in the new joint venture entity. This move signals a significant capital infusion and operational expansion into the hotel, restaurant, and catering (Horeca) segment.

The Board approved three key agreements: a Share Subscription Agreement (SSA), a Shareholders’ Agreement (SHA), and the Joint Venture Agreement (JVA). Under the SSA, Galilei will subscribe to 22,42,963 equity shares of Ice Make at ₹802.51 per share, aggregating to ₹180 crore. Concurrently, a broader preferential issue of 23,67,573 equity shares at the same price of ₹802.51 is approved for non-promoter allottees, including Galilei, Ms. Shweta Samir Patel, and Ms. Bhumi Jayeshkumar Patel. This raises a total of ₹1,900,001,010.

Joint Venture Structure

The newly formed Ice Make Horeca Private Limited will initially be incorporated as a wholly owned subsidiary of Ice Make Refrigeration. Subsequent to incorporation, it will raise funds such that Ice Make holds 40% and Galilei holds 60% of the shareholding. The total investment in the JV company will be ₹881,900,000, with Galilei contributing ₹529,200,000 and Ice Make contributing ₹352,700,000.

The JV company will engage in manufacturing, assembling, and selling commercial upright and table-type refrigerators, ice makers, and modular blast chillers. During an interim period, it will also handle the import and sale of specified products. After-sales maintenance and support services are included in its scope.

Governance and Special Rights

Under the SHA, Galilei gains the right to appoint one non-executive director or nominate one non-voting observer on Ice Make’s Board, subject to a fall-away threshold. Additionally, after 30 months from closing, Galilei has the right to purchase additional shares from promoters to increase its stake to 20%. The agreement includes standard lock-in periods of 30 months for both parties and non-compete restrictions for Galilei.

Ice Make’s Articles of Association (AOA) will be amended to reflect these investor rights, including pre-emptive rights for Galilei to maintain its proportionate shareholding. These amendments require shareholder approval via special resolution.

Regulatory Approvals and Timeline

The transactions are interdependent; closing under the SSA and JVA must occur simultaneously. The Board has scheduled an Extraordinary General Meeting (EGM) for August 19, 2026, to seek shareholder approval for the AOA amendments, the preferential issue, and the grant of special rights to Galilei under Regulation 31B of the SEBI LODR Regulations. The relevant date for the preferential issue determination was July 20, 2026, with the floor price set at ₹802.51 per share in compliance with SEBI ICDR Regulations.

Ice Make Refrigeration Limited has released the audio recording of its investors' conference call held to discuss the financial results for the quarter ended March 31, 2026. The recording is now accessible to stakeholders through a specific link hosted on the company's official website, providing transparency regarding the discussions held on June 04, 2026.

Regulatory Disclosure

The intimation regarding the availability of the audio recording was submitted to the National Stock Exchange of India Limited. This action was taken in compliance with Regulation 30 and Regulation 46(2)(ao) of the Securities and Exchange Board of India (Listing Obligation and Disclosure Requirements) Regulation, 2015. The company referenced its previous correspondence dated June 01, 2026, in this filing.

Conference Call Details

The conference call was specifically organized to review the financial performance of the company for Q4FY26. By providing the audio recording, Ice Make Refrigeration aims to ensure that investors and the market at large have access to the management's commentary and insights shared during the session.

The disclosure was signed by Mandar Desai, the Company Secretary & Compliance Officer, on behalf of Ice Make Refrigeration Limited. The company operates as a commercial and industrial refrigeration equipment manufacturer and holds ISO 9001:2015, ISO 14001:2015, and ISO 45001:2018 certifications.