Max Financial Services Limited — Major Shareholding Notification 2021

Jul 9, 2021

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	Max Financial Services Ltd
Name of the recognised stock exchanges where the	BSE Ltd. & National Stock Exchange of India Ltd.
shares of the company are listed
Name of the promoter(s) / PACs whose shares have been Refer Annexure - IIA
encumbered
Total promoter shareholding in the listed company	No. of shares $-5,08,01,253$
	% of total share capital - 14.72%
Encumbered shares as a % of promoter shareholding	a) Pledge of Shares - 64.43%
	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

$\rightarrow$

ANNEXURE - IIA

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

S. NO.	INAME	NO. OF SHARES	$\frac{0}{0}$
	IANALJIT SINGH	1.10.000	0.03
	NEELU ANALJIT SINGH	1,00,000	0.03
	PIYA SINGH	1,10,333	0.03
	TARA SINGH VACHANI	1,00,000	0.03
	IMAX VENTURES INVESTMENT HOLDINGS PRIVATE LIMITED	5,03,80,920	14.60
	TOTAL	5,08,01,253	14.72

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

		Encumbrance 1	Encumbrance 2	Encumbrance 3	Encumbrance 4	Encumbrance 5	Encumbrance 6	Encumbrance 7
	Date of creation of encumbrance / date of agreement	18.05.2018	27.08.2019	05.03.2020	05.03.2020	04.06.2020	04.06.2020	27.07.2020
	Type of encumbrance (pledge, lien, negative lien, non-disposal undertaking etc. or any other covenant,	Pledge	Pledge	Pledge	Pledge	Pledge	Pledge	Pledge
No. of shares encumbered		7,000	10,00,000	5,79,154	5,79,090	2,31,662	2,31,600	5,79,154
% of shares encumbered		0.00	0.29	0.17	0.17	0.07	0.07	0.17
Specific details about the encumbrance	Name of the entity in whose favour shares encumbered (X)	STCI Finance Limited	Vistra ITCL (India) Ltd. On behalf of Yes Bank Ltd.	Securities Holdings (India) Pvt. Ltd	Shine Star Build Cap. (P) Ltd.	Securities Holdings (India) Pvt. Ltd	Shine Star Build Cap. (P) Ltd.	Securities Holdings (India) Pvt. 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	Yes	Yes	Yes
	Names of all other entities in the agreement	1. Max Ventures Investment Holdings Private Limited 2. Piveta Estates Private Limited	Vana Enterprises Limited	Investment Holdings Private Limited Max Ventures	Investment Holdings Private Limited Max Ventures	Investment Holdings Private Limited Max Ventures	Investment Holdings Private Limited Max Ventures	Max Ventures Investment Holdings Private Limited
	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,	No	$\frac{1}{2}$	$\frac{1}{2}$	$\frac{1}{2}$	$\frac{1}{2}$	QN	$\frac{1}{2}$
	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	Value of shares on the date of event / agreement (A)	73,41,250	1,04,87,50,000	60,73,87,758	60,73,20,638	24,29,55,523	24,28,90,500	60,73,87,758
Cover	Amount involved (against which shares have been encumbered) (B)		45,00,00,000	25,00,00,000	25,00,00,000	10,00,00,000	10,00,00,000	25,00,00,000
	Ratio of A / B		2.33	2.43	2.43	2.43	2.43	2.43
End use of money	Borrowed amount to be utilized for what purpose (a) Personal use by promoters and PACs (b) For the benefit of listed company	Personal use by promoters and PACs	Personal use by 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)

Details of all existing events / agreements pertaining to encumberance

		Encumbrance 8	Encumbrance 9	Encumbrance 10	Encumbrance 11	Encumbrance 12	Encumbrance 13
	Date of creation of encumbrance / date of agreement	29.07.2020	27.08.2020	27.08.2020	03.09.2020	07.09.2020	18.09.2020
	Type of encumbrance (pledge, lien, negative lien, non-disposal undertaking etc. or any other covenant,	Pledge	Pledge	Pledge	Pledge	Pledge	Pledge
No. of shares encumbered		5,79,000	11,58,000	4,05,000	5,30,000	3,10,000	2,45,902
% of shares encumbered		0.17	0.34	0.12	0.15	0.09	0.07
Specific details about the encumbrance	Name of the entity in whose favour shares encumbered (X)	Voilet Buildwell Private 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 business of the entity.	Yes	Yes	Yes	Yes	$\gamma_{\rm{es}}$	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	Max Ventures Investment Max Ventures Investment Holdings Private Limited	Holdings Private Limited
	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,	$\frac{1}{2}$	$\frac{1}{2}$	$\frac{1}{2}$	$\frac{1}{2}$	$\frac{1}{2}$	$\frac{0}{2}$
	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	Value of shares on the date of event / agreement (A)	60,72,26,250	1,21,44,52,500	42,47,43,750	55,58,37,500	32,51,12,500	25,78,89,723
Cover	Amount involved (against which shares have been encumbered) (B)	25,00,00,000	50,00,00,000	15,00,00,000	25,00,00,000	10,00,00,000	10,00,00,000
	Ratio of A / B	2.43	2.43	2.83	2.22	3.25	2.58
End use of money	Borrowed amount to be utilized for what purpose (a) Personal use by promoters and PACs (b) For the benefit of listed company	Personal use by promoters and PACs	Personal use by promoters and PACs	promoters and PACs Personal use by	Personal use by promoters and Personal use by PACs	promoters and PACs	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)

Details of all existing events / agreements pertaining to encumberance

	Details of all existing events / agreements pertaining to encumberance
Date of creation of encumbrance / date of agreement		Encumbrance 14 29.10.2020	Encumbrance 15	Encumbrance 16	Encumbrance 17	Encumbrance 18	Encumbrance 19	Encumbrance 20
			29.10.2020	27.01.2021	02.02.2021	07.03.2021	09.03.2021	26.03.2021
No. of shares encumbered	Type of encumbrance (pledge, lien, negative lien, non-disposal undertaking etc. or any other covenant,	59,50,000 Pledge	1,52,40,376 Free shares covenant	34,87,473 Pledge	11,90,000 Pledge	Free shares covenant	75,05,600 Pledge	13,92,989 Pledge
% of shares encumbered		.72	4.42	1.01	0.34	76,20,188 2.21	2.17	0.40
Specific details about the encumbrance	Name of the entity in whose favour shares encumbered (X)	Financial Services Ltd and Catalyst Trusteeship Ltd on behalf of Tata Capital Tata Capital Housing Finance Limited	Catalyst Trusteeship Ltd on behalf of Tata Capital Financial Services Ltd.	Hero Fincorp Ltd.	Aditya Birla Finance Limited	ESOF III Investment Fund; Limited on behalf of (i) Catalyst Trusteeship and (ii) ECL Finance Limited	ESOF III Investment Fund; Limited on behalf of (i) Catalyst Trusteeship and (ii) ECL Finance Limited	Hero Fincorp 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	Fund is an AIF; and (ii) ECL Finance Limited is a NBFC (i) ESOF III Investment	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,	$\frac{1}{2}$	$\frac{1}{2}$	$\frac{1}{2}$	$\frac{1}{2}$	Yes	Yes	$\frac{1}{2}$
	1. Name of the issuer					Max Ventures Investment Holdings Pvt. Ltd.	Investment Holdings Pvt. Max Ventures Ltd.
	2. Details of the debt instrument					convertible debentures redeemable non- 40,000 unlisted	convertible debentures redeemable non- 40,000 unlisted
	3. Whether the debt instrument is listed on stock exchanges?					Unlisted	Unlisted
	4. Credit Rating of the debt instrument?					Unrated	Unrated
	5. ISIN of the instrument					6. INE709V07086 2. INE709V07045 4. INE709V07060 5. INE709V07078 1. INE709V07037 3. INE709V07052 7. INE709V07094	4. INE709V07060 5. INE709V07078 6. INE709V07086 2. INE709V07045 3. INE709V07052 1. INE709V07037 7. INE709V07094
Security Cover / Asset	Value of shares on the date of event / agreement (A)	6,24,00,62,500	15,98,33,44,225	3, 65, 74, 87, 309	1,24,80,12,500	7,99,16,72,113	7,87,14,98,000	1,46,08,97,214
Cover	Amount involved (against which shares have been encumbered) (B)	000 2,97,50,00,	2,97,50,00,000	1,50,00,00,000	55,00,00,000	4,00,00,00,000	4,00,00,00,000	60,00,00,000
	Ratio of A / B	2.10	5.37	2.44	2.27	2.00	1.97	2.43
End use of money	Borrowed amount to be utilized for what purpose (a) Personal use by promoters and PACs (b) For the benefit of listed company	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	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)

$\blacktriangleright$

Details of all existing events / agreements pertaining to encumberance

		Encumbrance 21	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	30.06.2021
	Type of encumbrance (pledge, lien, negative lien, non-disposal undertaking etc. or any other covenant,	Pledge	Free shares covenant	Pledge	Pledge	Pledge
No. of shares encumbered		15,35,849	50,80,125	5,65,000	22,70,870	24,00,000
% of shares encumbered		0.45	1.47	0.16	0.66	0.70
Specific details about the	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.	Vistra ITCL India Pvt Ltd
encumbrance				Ltd.		on behalf of BlackRock Asia-Pacific (P) credit opp. Fund II.
	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	$\frac{1}{2}$
	Names of all other entities in the agreement	None	None	None	None	None
	? If yes, provide details about the Whether the encumbrance is relating to any debt instruments viz. debenture, commercial paper, certificate of deposit etc. instrument, including credit rating. If yes,	$\frac{1}{2}$	$\frac{1}{2}$	$\frac{1}{2}$	$\frac{1}{2}$	Yes
	1. Name of the issuer					Investment Holdings Max Ventures Pvt. Ltd
	2. Details of the debt instrument					convertible debentures redeemable non- 1400 unlisted
	stock exchanges? 3. Whether the debt instrument is listed on					Unlisted
	4. Credit Rating of the debt instrument?					Unrated
	5. ISIN of the instrument					ISIN is under process
Security Cover / Asset	Value of shares on the date of event / agreement (A)	1,61,07,21,639	5,32,77,81,408	59,25,43,750	2,38,15,74,913	2,51,70,00,000
Cover	Amount involved (against which shares have been encumbered) (B)	75,00,00,000	75,00,00,000	25,00,00,000	1,00,00,00,000	1,40,00,00,000
	Ratio of A / B	2.15	7.10	2.37	2.38	$1.80$
End use of money	rpose Borrowed amount to be utilized for what pur (a) Personal use by promoters and PACs (b) For the benefit of listed company	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)