Ice Make forms JV with Japan's Galilei; about INR 190 crore preferential issue

Marquee Jv AnnouncedStrategic Transactions View source PDF

ICEMAKE · price

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AI summary

Board approved a JV with Japan's Galilei Holdings to incorporate Ice Make Horeca Private Limited (Ice Make 40%, Galilei 60%) for commercial upright and table-type refrigerators and ice makers. Total JV investment of about INR 88.19 crore. Also approved preferential issue of 23,67,573 equity shares at INR 802.51 each to Galilei and others, aggregating about INR 190 crore. Galilei will hold around 13.05% post-issue with board nominee and special rights. EGM set for August 19, 2026.

Likely market impact

Positive - strategic foreign partnership and capital raise at premium. Promoter holding will dilute slightly. Subject to shareholder and NSE approvals.