Max Financial Services Limited — Major Shareholding Notification 2021

Jul 1, 2021

MAX VENTURES INVESTMENT HOLDINGS PRIVATE LIMITED

Registered Office: Max House, 1, Dr. Jha Marg, Okhla, New Delhi - 110 020 Phone: +91 11 4259 8000 Fax: +91 11 4060 0098 CIN: U74899DL1988PTC030778 Email Id: secretarial@maxventures.co.in

June 30, 2021

Listing Department BSE Limited Phiroze Jeejeebhoy Towers Dalal Street Mumbai - 400021

Listing Department National Stock Exchange of India Limited Exchange Plaza, Bandra Kurla Complex, Bandra (East) Mumbai - 400051

The Secretary Max Financial Services Limited Railmajra, Tehsil Balachaur, Distt. Nawanshahr Punjab - 144533

Dear Sir / Madam,

SUB. DISCLOSURE UNDER REGULATION 31(1) AND 31(2) OF SEBI (SAST) REGULATIONS, 2011

Please find enclosed disclosures in terms of Regulation 31(1) and 31(2) of SEBI (SAST) Regulations, 2011.

$Also$ find enclosed Annexure $\prod$ in terms of SEBI Circular No. SEBI/HO/CFD/DCR1/CIR/P/2019/90 dated August 7, 2019.

You are requested to take note of the above.

Thanking you.

Yours faithfully. For Max Ventures Investment Holdings Pvt. Ltd.

$R$ form

Arvind Aggarwal (Director)

Encl. as above

Annexure - II

Format for disclosure of reasons for encumbrance

(In addition to Annexure - I prescribed by way of circular dated August 05, 2015)

Name of listed company
Name of the recognised stock exchanges where the	Max Financial Services Ltd
shares of the company are listed	BSE Ltd. & National Stock Exchange of India Ltd.
Name of the promoter(s) / PACs whose shares have been Refer Annexure - IIA encumbered
Total promoter shareholding in the listed company
	No. of shares - 5,08,01,253
Encumbered shares as a % of promoter shareholding	% of total share capital - 14.72%
	a) Pledge of Shares - 62.17%
	b) Covenant with certain lenders to keep shares
	free from any encumbrance through Free Share
	obligation / non-disposal undertakings
Whether encumbered share is 50% or more of promoter	YES
shareholding
Whether encumbered share is 20% or more of total share NO
capital

Name of the Promoter(s) / PACs whose shares have been encumbered

S. NO.	NAME
	ANALJIT SINGH	NO. OF SHARES	$\%$
	INEELU ANALJIT SINGH	1,10,000	0.03
	IPIYA SINGH	1,00,000	0.03
	ITARA SINGH VACHANI	1,10,333	0.03
	MAX VENTURES INVESTMENT HOLDINGS PRIVATE LIMITED	1,00,000	0.03
	TOTAL	5,03,80,920	14.60
		5,08,01,253	14.72

$\sim$

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$\sim$ in the $\sim$ DESCRIPTION $\frac{D}{2}$
- - - - ll ex

	Date of Creation of encumbrance / date of agreement	Encumbrance 1	Encumbrance 2	Encumbrance 3	Encumbrance 4
	Type of encumbrance (pledge, lien, negative lien, non-disposal undertaking etc. or any other covenant,	18.04.2017	18.05.2018	27.08.2019		Encumbrance 5	Encumbrance 6	Encumbrance 7
No. of shares encumbered		Pledge	Pledge	Pledge	05.03.2020	05.03.2020	04.06.2020	04.06.2020
% of shares encumbered		98,096	7,000	10,00,000	Pledge	Pledge	Pledge	Pledge
Specific details about the	Name of the entity in whose favour shares encumbered (X)	0.03	0.00		5,79,154	5,79,090	2,31,662	2,31,600
encumbrance		IDBI Trusteeship Services Ltd	STCI Finance Limited	0.29	0.17		0.07 0.17
		on behalf of Housing		Vistra ITCL (India) Ltd. On behalf of Yes Bank	Securities Holdings	Shine Star Build Cap. (P)	Securities Holdings	0.07 Shine Star Build Cap. (P)
		Development Finance		Ltd.	(India) Pvt. Ltd	Ltd.	(India) Pvt. Ltd	Ltd.
		Corporation Ltd.
	Whether the entity X is a scheduled commercial bank, public financial
	institution, NBFC or housing finance company? If No, provide the nature of the business of the entity.	Yes	Yes	Yes	Yes	Yes	Yes	Yes
	Names of all other entities in the agreement	Max Ventures Investment
		Holdings Private Limited	1. Max Ventures Investment Holdings Private Limited 2. Piveta Estates Private	Vana Enterprises Limited	Investment Holdings Max Ventures	Investment Holdings Max Ventures	Investment Holdings Max Ventures	Max Ventures Investment Holdings Private Limited
			Limited		Private Limited	Private Limited	Private Limited
	Whether the encumbrance is relating to any debt instruments viz. debenture,	$\frac{\circ}{\circ}$	$\frac{1}{2}$
	commercial paper, certificate of deposit etc.? If yes, provide details about the instrument, including credit rating . If yes,			$\frac{0}{2}$	$\frac{1}{2}$	$\frac{1}{2}$	$\frac{1}{2}$	$\frac{1}{2}$
	1. Name of the issuer
	2. Details of the debt instrument
	3. Whether the debt instrument is listed on stock exchanges?
	4. Credit Rating of the debt instrument?
	5. ISIN of the instrument
Security Cover / Asset Cover	Value of shares on the date of event / agreement (A)
	Arnount involved (against which shares have been encumbered) (B)	,94,632 10,58	75,56,500	1,07,95,00,000	62,51,96,743	62,51,27,655
	Ratio of A / B			45,00,00,000	25,00,00,000		25,00,79,129	25,00,12,200
End use of money	Borrowed amount to be utilized for what purpose			2.40	2.50	25,00,00,000	10,00,00,000	10,00,00,000
	(a) Personal use by promoters and PACs	Personal use by promoters	Personal use by promoters	Personal use by	Personal use by	2.50	2.50	2.50
	(b) For the benefit of listed company	and PACs	and PACs	promoters and PACs	promoters and PACs	promoters and PACs Personal use by	promoters and PACs Personal use by	promoters and PACs Personal use by
	Provide details including amount, purpose of raising money by listed company,
	schedule for utilization of amount, repayment schedule etc. (a) Any other reason (please specify)

$\overrightarrow{c}$

Details of all existing events / agreements pertaining to encumberance

	Date of creation of encumbrance / date of agreement	Encumbrance 8	Encumbrance 9	Encumbrance 10	Encumbrance 11
	Type of encumbrance (pledge, lien, negative lien, non-disposal undertaking etc. or any other covenant,	27.07.2020	29.07.2020	27.08.2020	27.08.2020	Encumbrance 12	Encumbrance 13	Encumbrance 14
No. of shares encumbered		Pledge	Pledge	Pledge	Pledge	03.09.2020	07.09.2020	18.09.2020
% of shares encumbered		5,79,154	5,79,000	11,58,000	4,05,000	Pledge	Pledge	Pledge
Specific details about the	Name of the entity in whose favour shares encumbered (X)	0.17	0.17	0.34		5,30,000	3,10,000	2,45,902
encumbrance		Securities Holdings (India)	Voilet Buildwell Private			0.15 0.12	0.09	0.07
		Pvt. Ltd	Limited	Shine Star Build Cap. (P) Ltd.	Virtue Financial Services Private Limited	SKS Fincap Pvt Ltd	Virtue Financial Services Private Limited	Limited on behalf of Sara Sara Universal Private International Private Limited
	institution, NBFC or housing finance company? If No, provide the nature of the Whether the entity X is a scheduled commercial bank, public financial	Yes	Yes	Yes	Yes	Yes
	business of the entity.						Yes	Yes
	Names of all other entities in the agreement	Max Ventures Investment Holdings Private Limited	Max Ventures Investment Holdings Private Limited	Investment Holdings Private Limited Max Ventures	Max Ventures Investment Holdings Private Limited	Holdings Private Limited	Max Ventures Investment Max Ventures Investment Holdings Private Limited	Max Ventures Investment Holdings Private Limited
	Whether the encumbrance is relating to any debt instruments viz. debenture, commercial paper, certificate of deposit etc.? If yes, provide details about the instrument, including credit rating . If yes,	$\frac{1}{2}$	$\frac{1}{2}$	$\frac{1}{2}$	2 o	2 o	$\frac{1}{2}$	$\frac{1}{2}$
	1. Name of the issuer
	2. Details of the debt instrument
	3. Whether the debt instrument is listed on stock exchanges? 4. Credit Rating of the debt instrument?
	5. ISIN of the instrument
Security Cover / Asset Cover	Value of shares on the date of event / agreement (A)	62,51,96,743	62,50,30,500
	Amount involved (against which shares have been encumbered) (B) Ratio of A / B	25,00,00,000	25,00,00,000	50,00,00,000 1,25,00,61,000	43,71,97,500	57,21,35,000	33,46,45,000	26,54,51,209
End use of money	Borrowed amount to be utilized for what purpose	2.50	2.50		15,00,00,000	25,00,00,000	10,00,00,000
	(a) Personal use by promoters and PACs	Personal use by promoters and PACs	Personal use by promoters and PAC S	2.50 Personal use by	Personal use by promoters and Personal use by 2.91	2.29	3.35 Personal use by	10,00,00,000 2.65
	Provide details including amount, purpose of raising money by listed company, schedule for utilization of amount, repayment schedule etc. (b) For the benefit of listed company (a) Any other reason (please specify)			promoters and PACs	PACs	promoters and PACs	promoters and PACs	promoters and PACs Personal use by

5
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	Date of creation of encumbrance / date of agreement	Encumbrance 15	Encumbrance 16	Encumbrance 17	Encumbrance 18	Encumbrance 19	Encumbrance 20
	Type of encumbrance (pledge, lien, negative lien, non-disposal undertaking etc. or any other covenant,	29.10.2020	29.10.2020	27.01.2021	02.02.2021	07.03.2021	09.03.2021	Encumbrance 21
No. of shares encumbered		Pledge	Free shares covenant	Pledge	Pledge	Free shares covenant		26.03.2021
% of shares encumbered		70,50,000	76,20,188	34,87,473	12,90,000	76,20,188	75,05,600 Pledge	Pledge
	Specific details about the Name of the entity in whose favour shares encumbered (X)	2.04	2.21	1.01	0.37			13,92,989
encumbrance		Catalyst Trusteeship Ltd	Catalyst Trusteeship Ltd	Hero Fincorp Ltd	Aditya Birla Finance	2.21 Catalyst Trusteeship	2.17	0.40
		Financial Services Ltd and on behalf of Tata Capital Tata Capital Housing Finance Limited	on behalf of Tata Capital Financial Services Ltd.		Limited	ESOF III Investment Fund; ESOF III Investment Limited on behalf of (i) and (ii) ECL Finance	Limited on behalf of (i) Catalyst Trusteeship Fund; and (ii) ECL	Hero Fincorp Ltd.
	Whether the entity X is a scheduled commercial bank, public financial					Limited	Finance Limited
	institution, NBFC or housing finance company? If No, provide the nature of the business of the entity.	Yes	Yes	Yes	Yes	ECL Finance Limited is a (i) ESOF III Investment Fund is an AIF; and (ii) NBFC	ECL Finance Limited is a (i) ESOF III Investment Fund is an AIF; and (ii) NBFC	Yes
	Names of all other entities in the agreement	Max Ventures Investment
		Holdings Private Limited	Holdings Private Limited	Holdings Private Limited	Max Ventures Investment Max Ventures Investment Max Ventures Investment None Holdings Private Limited		None	None
	commercial paper, certificate of deposit etc.? If yes, provide details about the Whether the encumbrance is relating to any debt instruments viz. debenture, instrument, including credit rating . If yes,	$\frac{1}{2}$	$\frac{0}{2}$	$\frac{1}{2}$	$\frac{1}{2}$	Yes	Yes	$\frac{1}{2}$
	1. Name of the issuer
						Investment Holdings Pvt. Max Ventures	Investment Holdings Pvt. Max Ventures
	2. Details of the debt instrument					Ltd.	Ltd.
						redeemable non- 40,000 unlisted	redeemable non- 40,000 unlisted
						convertible debentures	convertible debentures
	3. Whether the debt instrument is listed on stock exchanges? 4. Credit Rating of the debt instrument?					Unlisted
	5. ISIN of the instrument					Unrated	Unlisted
						1. INE709V07037	1. INE709V07037 Unrated
						2. INE709V07045	2. INE709V07045
						3. INE709V07052	3. INE709V07052
						4. INE709V07060 5. INE709V07078	4. INE709V07060 5. INE709V07078
						6. INE709V07086	6. INE709V07086
Security Cover / Asset Cover	Value of shares on the date of event / agreement (A)	7,61,04,75,000	8,22,59,92,892			7. INE709V07094	7. INE709V07094
	Amount involved (against which shares have been encumbered) (B)	3,41,00,00,000	3,41,00,00,000	3,76,47,27,104	1,39,25,55,000	8,22,59,92,892	8,10,22,95,200	1,50,37,31,626
	Ratio of A / B	2.23	2.41	1,50,00,00,000	55,00,00,000	4,00,00,00,000	4,00,00,00,000	60,00,00,000
End use of money	Borrowed amount to be utilized for what purpose	Personal use by	Personal use by	2.51	2.53	2.06	2.03	2.51
	(a) Personal use by promoters and PACs (b) For the benefit of listed company	promoters and PACs	promoters and PACs	promoters and PACs Personal use by	promoters and PACs Personal use by	promoters and PACs Personal use by	promoters and PACs Personal use by	promoters and PACs Personal use by
	Provide details including amount, purpose of raising money by listed company, schedule for utilization of amount, repayment schedule etc. (a) Any other reason (please specify)

$\frac{1}{\sqrt{2}}$

Details of all existing events / agreements pertaining to encumberance

		Encumbrance 22	Encumbrance 23	Encumbrance 24	Encumbrance 25
Date of creation of encumbrance / date of agreement		18.05.2021	18.05.2021	28.05.2021	15.06.2021
No. of shares encumbered	Type of encumbrance (pledge, lien, negative lien, non-disposal undertaking etc. or any other covenant,	Pledge	Free shares covenant	Pledge	Pledge
% of shares encumbered		14,85,849	50,80,125	5,65,000	22,70,870
Specific details about the		0.43	1.47	0.16	0.66
encumbrance	Name of the entity in whose favour shares encumbered (X)	Infina Finance Private Ltd Infina Finance Private Ltd Shine Star Build Cap. (P) STCI Finance Ltd.		Ltd.
	institution, NBFC or housing finance company? If No, provide the nature of the Whether the entity X is a scheduled commercial bank, public financial business of the entity.	Yes	Yes	Yes	Yes
	Names of all other entities in the agreement	None	None	None	None
	commercial paper, certificate of deposit etc.? If yes, provide details about the Whether the encumbrance is relating to any debt instruments viz. debenture, instrument, including credit rating. If yes,	$\frac{1}{2}$	$\frac{1}{2}$	$\frac{1}{2}$	$\frac{0}{2}$
	issuer 1. Name of the
	debt instrument 2. Details of the
	debt instrument is listed on stock exchanges? of the debt instrument? 4. Credit Rating 3. Whether the
	5. ISIN of the instrument
Security Cover / Asset	on the date of event / agreement (A) Value of shares	1,60,39,73,996	5,48,39,95,261
Cover	Amount involved (against which shares have been encumbered) (B)	75,00,00,000	75,00,00,000	60,99,17,500	2,45,14,04,165
	Ratio of A / B	2.14	7.31	25,00,00,000 2.44	1,00,00,00,000
End use of money	Borrowed amount to be utilized for what purpose by promoters and PACs (b) For the benefit of listed company (a) Personal use	promoters and PACs Personal use by	promoters and PACs Personal use by	promoters and PACs Personal use by	2.45 promoters and PACs Personal use by
	Provide details including amount, purpose of raising money by listed company, schedule for utilization of amount, repayment schedule etc. (a) Any other reason (please specify)

$\frac{1}{2}$