Ice Make Refrigeration Limited moves to reshape its capital structure

The allottees were:

• Galilei Holdings Co. Ltd. (formerly Galilei Co. Ltd.)
• Bhumi Jayeshkumar Patel
• Shweta Samir Patel ^[1]

Lock-in: Under the SEBI (ICDR) Regulations, 2018, preferentially allotted shares held by persons other than the promoter or promoter group are subject to a six-month lock-in from the date of trading approval. The filing identifies the allottees and confirms compliance with the preferential-issue requirements, but does not expressly state their promoter classification or the lock-in period itself ^[2]. Accordingly, the six-month period applies if these allottees are classified as non-promoter allottees; promoter or promoter-group allotments carry a different prescribed period.

Issue price: The allotment consideration of Rs 1,900,001,010 for 2,367,573 shares implies an issue price of approximately Rs 802.51 per share (derived) ^[1].

The SEBI ICDR floor price itself is not stated in the cited filing extracts, so the premium or discount of the issue price to that floor price cannot be quantified from the available evidence. The comparison would be:

`Premium / (discount) = (Rs 802.51 − SEBI floor price) / SEBI floor price × 100`

Dilution: Assuming the 15,779,735 shares outstanding as of September 10, 2026 represent the pre-allotment equity base, post-allotment shares would be:

• Pre-allotment shares: 15,779,735
• New shares issued: 2,367,573 ^[1]
• Post-allotment shares: 18,147,308
• New shares as a percentage of post-allotment equity: 13.05%, derived as 2,367,573 / 18,147,308

Therefore, existing shareholders who do not participate would retain approximately 86.95% of their previous proportional ownership. This is the dilution factor applicable to existing public shareholders; the exact post-issue public-shareholding percentage requires the pre-allotment public-shareholding count or percentage.

No fixed timeline can be established from the disclosed information. The Auditor’s Certificate appears to be a procedural milestone, but the final trading approval still depends on the stock exchanges completing their review and issuing approval. No exchange turnaround time or expected approval date has been disclosed ^[3].

Clearances still identified

• Shareholder approval: The preferential issue remains subject to shareholder approval at the EGM scheduled for 19 August 2026 ^[3].
• Stock-exchange approval: In-principle approval from the stock exchanges remains a stated condition before completion of the issue ^[3].
• Other closing conditions: The transaction is also subject to customary closing conditions; the available disclosure does not enumerate these or confirm that all have been satisfied ^[3].
• Other statutory approvals: Supplementary coverage refers to approvals from NSE and other statutory bodies, but does not specify an additional regulator or provide a completion date ^[4].

Practical conclusion: The shares should not be regarded as tradable merely because the Auditor’s Certificate has been filed. Trading can begin only after the required corporate approvals, exchange approval, allotment-related formalities and listing/trading permission are completed. The present disclosures support “pending exchange and transaction approvals,” not a specific number of days to listing.