Max Financial Services Limited — Major Shareholding Notification 2021

Aug 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 - 53.69%
	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

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ANNEXURE - IIA

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

S. NO.	INAME	NO. OF SHARES	$\%$
	IANALJIT SINGH	1.10.000	0.03
	NEELU ANALJIT SINGH	1,00,000	0.03
	PIYA SINGH	1,10,333	0.03
	ITARA 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

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	Details of all existing events / agreements pertaining to encumberance
	Date of creation of encumbrance / date of agreement	H Encumbrance	Encumbrance 2	Encumbrance 3 07.09.2020	Encumbrance 4	Encumbrance 5	Encumbrance 6	Encumbrance 7
	Type of encumbrance (pledge, lien, negative lien, non-disposal undertaking etc. or any other covenant,	27.08.2019	27.08.2020		18.09.2020	29.10.2020	29.10.2020	27.01.2021
	transaction, condition or arrangement in the nature of encumbrance)	Pledge	Pledge	Pledge	Pledge	Pledge	Free shares covenant	Pledge
No. of shares encumbered		10,00,000	3,60,000	2,40,000	2,45,902	59,50,000	76,20,188	31,12,679
% of shares encumbered		0.29	0.10	0.07	0.07	1.72	2.21	0.90
encumbrance	Specific details about the Name of the entity in whose favour shares encumbered (X)	$\delta$ behalf of Yes Bank Ltd. Vistra ITCL (India) Ltd.	Virtue Financial Services Private Limited	Services Private Virtue Financial Limited	Sara Universal Private Limited on behalf of Sara International Private Limited	on behalf of Tata Capital Housing Finance Limited Catalyst Trusteeship Ltd Financial Services Ltd and Tata Capital	Catalyst Trusteeship Ltd on behalf of Tata Capital Financial Services Ltd.	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	Yes	Yes	Yes
	Names of all other entities in the agreement	Vana Enterprises Limited	Max Ventures Investment Holdings Private 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,	$\frac{1}{2}$	$\frac{1}{2}$	$\frac{1}{2}$	$\frac{1}{2}$	$\frac{1}{2}$	$\frac{1}{2}$	$\frac{0}{2}$
	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)	1,08,81,00,000	39,17,16,000	26,11,44,000	26,75,65,966	6,47,41,95,000
Cover	Amount involved (against which shares have been encumbered) (B)	45,00,00,000		10,00,00,000	10,00,00,000	2,97,50,00,000	2,97,50,00,000 8,29,15,26,508	1,50,00,00,000 3,38,69,06,020
	Ratio of A / B	2.42		2.59	2.68	2.18	2.79	2.26
End use of money	Provide details including amount, purpose of raising money by listed company, schedule for utilization of amount, repayment schedule etc. Borrowed amount to be utilized for what purpose (a) Personal use by promoters and PACs (b) For the benefit of listed company (a) Any other reason (please specify)	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

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	Details of all existing events / agreements pertaining to encumberance	Encumbrance 8	Encumbrance 9	Encumbrance 10	Encumbrance 11	Encumbrance 12	Encumbrance 13	Encumbrance 14
Date of creation of encumbrance / date of agreement		02.02.2021	07.03.2021	09.03.2021	26.03.2021	18.05.2021	18.05.2021	28.05.2021
	Type of encumbrance (pledge, lien, negative lien, non-disposal undertaking etc. or any other covenant,	Pledge	Free shares covenant	Pledge	Pledge	Pledge	Free shares covenant	Pledge
	transaction, condition or arrangement in the nature of encumbrance)
No. of shares encumbered % of shares encumbered		11,90,000	76,20,188	75,05,600	12,45,072	14,31,818	50,80,125	5,65,000
		0.34	2.21	2.17	0.36	0.41	1.47	0.16
Specific details about the encumbrance	Name of the entity in whose favour shares encumbered (X)	Aditya Birla Finance Limited	Catalyst Trusteeship Limited Catalyst Trusteeship Investment Fund; and (ii) on behalf of (i) ESOF III ECL Finance Limited	Limited on behalf of (i) ESOF III Investment Fund; and (ii) ECL Finance Limited	Hero Fincorp Ltd.		Infina Finance Private Ltd Infina Finance Private Ltd	Shine Star Build Cap. (P) 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	(i) ESOF III Investment Fund Finance Limited is a NBFC is an AIF; and (ii) ECL	ECL Finance Limited is a (i) ESOF III Investment Fund is an AIF; and (ii) NBFC	Yes	Yes	Yes	Yes
	Names of all other entities in the agreement	Max Ventures Investment Holdings Private Limited	None	None	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,	$\frac{1}{2}$	Yes	Yes	$\frac{1}{2}$	$\frac{1}{2}$	$\frac{0}{2}$	$\frac{1}{2}$
	1. Name of the issuer		Max Ventures Investment Holdings Pvt. Ltd.	Investment Holdings Max Ventures
	2. Details of the debt instrument			Pvt. Ltd.
			40,000 unlisted redeemable 40,000 unlisted non-convertible debentures	convertible debentures redeemable non-
	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		5. INE709V07078 6. INE709V07086 2. INE709V07045 3. INE709V07052 4. INE709V07060 7. INE709V07094 1. INE709V07037	4. INE709V07060 5. INE709V07078 6. INE709V07086 2. INE709V07045 3. INE709V07052 7. INE709V07094 1. INE709V07037
Security Cover / Asset	Value of shares on the date of event / agreement (A)	1,29,48,39,000	8,29,15,26,508	8,16,68,43,360	1,35,47,62,843	1,55,79,61,166
Cover	Amount involved (against which shares have been encumbered) (B)	55,00,00,000	4,00,00,00,000	4,00,00,00,000	60,00,00,000	75,00,00,000	5,52,76,84,339 75,00,00,000	61,47,76,500 25,00,00,000
	Ratio of A / B	2.35	2.07	2.04	2.26	2.08	7.37	2.46
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	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)

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Date of creation of encumbrance / date of agreement		15.06.2021	30.06.2021
	Type of encumbrance (pledge, lien, negative lien, non-disposal undertaking etc. or any other covenant,	Pledge	Pledge
	transaction, condition or arrangement in the nature of encumbrance)
No. of shares encumbered		20,30,870	24,00,000
% of shares encumbered		0.59	0.70
Specific details about the encumbrance	Name of the entity in whose favour shares encumbered (X)	STCI Finance Ltd	Vistra ITCL India Pvt Ltd on behalf of BlackRock
			Asia-Pacific Private Credit Opp. Fund II (SG) VCC
	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	No. The entity is an AIF
	Names of all other entities in the agreement	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,	$\frac{1}{2}$	Yes
	1. Name of the issuer		Max Ventures Investment Holdings Pvt. Ltd.
	2. Details of the debt instrument		convertible debentures redeemable non- 1,400 unlisted
	3. Whether the debt instrument is listed on stock exchanges?		Unlisted
	4. Credit Rating of the debt instrument?		Unrated
	5. ISIN of the instrument		2. INE709V07110 3. INE709V07128 1. INE709V07102
Security Cover / Asset	Value of shares on the date of event / agreement (A)	2,20,97,89,647	2,61,14,40,000
Cover	Amount involved (against which shares have been encumbered) (B)	1,00,00,00,000	1,40,00,00,000
	Ratio of A / B	2.21	1.87
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
	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)

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