Other Deals - Listed Firms
Ice Make Refrigeration raises Rs.190-Cr from Japanese firm, others
Gandhinagar-based, publicly listed Ice Make Refrigeration has raised Rs.190-Cr through a preferential issue of equity shares. The transaction includes an investment of Rs.180-Cr from Tokyo-listed refrigeration company Galilei Holdings, with the remaining Rs.10-Cr raised from other investors. KPMG acted as the exclusive financial advisor, while Cyril Amarchand Mangaldas served as the legal advisor.The new capital will be utilized for capacity expansion, modernization of existing operations, and the scaling of its integrated refrigeration and cold room solutions. The funds will also support the completion of a new corporate office, a centre of excellence, and a development and testing laboratory. Additionally, the company plans to use a portion of the capital to repay certain borrowings and strengthen its balance sheet.Ice Make Refrigeration and Galilei Holdings have also entered into a 40:60 joint venture to manufacture, market, and distribute commercial refrigeration products in India.
For FY25, Ice Make Refrigeration had reported about INR 472 Cr in Operating Income and about INR 23 Cr in PAT.
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