Max Financial Services Limited — Major Shareholding Notification 2021

Dec 3, 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

December 03, 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 terms of Annexure $\rm II$ in 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.

Arvind Aggarwal (Director)

Encl. as above

31(1) and 31(2) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 Name of the Target Company (TC)								Max Financial Services Ltd
Names of the Stock Exchanges where the shares of the target company are listed								BSE Ltd. & National Stock Exchange of India Ltd
Date of reporting								December 03, 2021
Name of the promoter or PAC on whose shares encumbrance has been created/released/invoked								Max Ventures Investment Holdings Private Limited
Details of the creation of encumbrances
promoter(s) or Name of the		Promoter holding in the	Promoter holding already					Details of events pertaining to encumbrance (3)				Post event holding of encumbered shares
PACs with him $\binom{*}{k}$		target company (1)	encumbered (2)									invocation[(1)-(3)]] $ $ creation $ (2)+(3) $ release $[(2)-(3)]$
	Number	capital share $\%$ of total	Number	$%$ of total capital share	Invocation) creation Type of Release event	encumbrance invocation release of creation/ Date of	Undertakings encumbranc lisen/non disposal /others) Type of (pledge/	encumbrance* Reasons for	Number	share capital $\%$ of	whose favour shares Name of the entity in encumbered***	Number	$\frac{1}{2}$ of total capital share
Holdings Pvt. Ltd Max Ventures Investment	50380920	14.60%	31583039	9.14%	Creation of Pledge on Shares	01.12.2021	Creation of Pledge on Shares	Security for Loan	30000	$0.01\%$	Finance Tata Ltd and Financial Capital Catalyst Trustee: Housing Services Lender: Limited Capital Tata	31613039	$9.15\%$
			31613039	9.15%	Creation of Pledge on Shares	12.2021 $\overline{0}$	Creation of Pledge on Shares	Security for Loan	140000	$0.04\%$	Lender: BlackRock Pacific Vistra Private Credit Opp. Fund II (SG) VCC Trusteeship Ltd Trustee: Asia-	31753039	9.19%
Mr. Analjit Singh	110000	$0.03\%$	$\overline{z}$	Z							ITCL India Pvt Ltd
Analjit Singh Mrs. Neelu	100000	$0.03\%$	Ξ	Z
Ms. Piya Singh	110333	$0.03\%$	Z	Z
Mrs. Tara Singh Vachani	100000	0.03%	FI	Ξ

For MAX VENTURES INVESTMENT HOLDINGS PRIVATE LIMITED

Rock

ARVIND AGGARWAL
DIRECTOR

Place: Noida
Date: December 03, 2021

The names of all the Promoters, their shareholding in the target company and their pledged shareholding as on the reporting date should appear in the table irrespective of whether they are reporting
on the date of event or $*$

$\ast\ast$ loans taken by the company, personal borrowing, third party pledge, etc.
$\ast\ast\ast\ast$ include name of both the lender and the trustee who may hold shares directly or on behalf of the lender.

$\frac{1}{2}$

$\overline{\phantom{a}}$

$\frac{1}{2}$

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 - 62.50%
	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

$F$

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

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

$\frac{1}{2}$

$\sim 100$

		Encumbrance 1	Encumbrance 2	Encumbrance 3	Encumbrance 4	Encumbrance 5	Encumbrance 6	Encumbrance 7
Date of creation of encumbrance / date of agreement		27.08.2019	29.10.2020	29.10.2020	27.01.2021	02.02.2021	06.09.2021	07.03.2021
	Type of encumbrance (pledge, lien, negative lien, non-disposal undertaking etc. or any other covenant, transaction, condition or arrangement in the nature of encumbrance)	Pledge	Pledge	Free shares covenant	Pledge	Pledge	Free shares covenant	Free shares covenant
No. of shares encumbered		10,00,000	63,95,000	1,52,40,376	31,91,108	11,70,000	1,77,80,439	76,20,188
% of shares encumbered		0.29	1.85	4.42	0.92	0.34	5.15	2.21
Specific details about the encumbrance	Name of the entity in whose favour shares encumbered (X)	$\delta$ behalf of Yes Bank Ltd Vistra ITCL (India) Ltd.	Tata Capital Housing Finance Catalyst Trusteeship Ltd on Financial Services Ltd and behalf of Tata Capital Limited	Catalyst Trusteeship Ltd on behalf of Tata Capital Financial Services Ltd.	Hero Fincorp Ltd	Aditya Birla Finance Limited	Aditya Birla Finance Limited	Catalyst Trusteeship Limited Investment Fund; and (ii) on behalf of (i) ESOF III ECL Finance 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	Yes	Yes	(i) ESOF III Investment Fund Finance Limited is a NBFC is an AIF; and (ii) ECL
	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	Max Ventures Investment Holdings Private Limited	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,	$\frac{1}{2}$	$\frac{1}{2}$	$\frac{1}{2}$	$\frac{1}{2}$	$\frac{0}{2}$	$\frac{1}{2}$	Yes
	1. Name of the issuer							Max Ventures Investment Holdings Pvt. Ltd.
	2. Details of the debt instrument							40,000 unlisted redeemable non-convertible debentures
	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. INE709V07045 4. INE709V07060 5. INE709V07078 1. INE709V07037 3. INE709V07052 6. INE709V07086 7. INE709V07094
Security Cover / Asset	Value of shares on the date of event / agreement (A)	96,84,00,000	6,19,29,18,000	14,75,87,80,022	3,09,02,68,987	1,13,30,28,000	17,21,85,76,692
Cover	Amount involved (against which shares have been encumbered) (B)	45,00,00,000	2,97,50,00,000	2,97,50,00,000	1,50,00,00,000	55,00,00,000	55,00,00,000	4,00,00,00,000 7,37,93,90,011
	Ratio of A / B	2.15	2.08	4.96	2.06	2.06	31.31	1.84
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 Personal use by promoters PACs	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	Personal use by promoters and PACs
	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

Ce

		Encumbrance 8	Encumbrance 9	Encumbrance 10	Encumbrance 11	Encumbrance 12	Encumbrance 13	Encumbrance 14
	Date of creation of encumbrance / date of agreement	09.03.2021	26.03.2021	18.05.2021	18.05.2021	15.06.2021	30.06.2021	16.08.2021
	Type of encumbrance (pledge, lien, negative lien, non-disposal undertaking etc. or any other covenant, transaction, condition or arrangement in the nature of encumbrance)	Pledge	Pledge	Pledge	Free shares covenant	Pledge	Pledge	Pledge
No. of shares encumbered		81,60,600	12,76,643	16,16,818	50,80,125	21,35,870	26,95,000	16,15,000
% of shares encumbered		2.36	0.37	0.47	1.47	0.62	0.78	0.47
Specific details about the encumbrance	Name of the entity in whose favour shares encumbered (X)	Catalyst Trusteeship Limited Investment Fund; and (ii) on behalf of (i) ESOF III ECL Finance Limited	Hero Fincorp Ltd.	Infina Finance Private Ltd	Infina Finance Private Ltd	STCI Finance Ltd.	Asia-Pacific Private Credit Vistra ITCL India Pvt Ltd on behalf of BlackRock Opp. Fund II (SG) VCC	Infina Finance Private 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.	(i) ESOF III Investment Func Finance Limited is a NBFC is an AIF; and (ii) ECL	Yes	Yes	Yes	Yes	No. The entity is an AIF	Yes
	Names of all other entities in the agreement	None	None	None	None	None	None	None
	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,	Yes	$\frac{1}{2}$	$\frac{0}{2}$	$\frac{Q}{Z}$	$\frac{1}{2}$	Yes	$\frac{1}{2}$
	1. Name of the issuer	Max Ventures Investment Holdings Pvt. Ltd.					Max Ventures Investment Holdings Pvt. Ltd.
	2. Details of the debt instrument	40,000 unlisted redeemable non-convertible debentures					convertible debentures redeemable non- 1,400 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	4. INE709V07060 5. INE709V07078 6. INE709V07086 2. INE709V07045 3. INE709V07052 7. INE709V07094 1. INE709V07037					2. INE709V07110 3. INE709V07128 1. INE709V07102
Security Cover / Asset	Value of shares on the date of event / agreement (A)	7,90,27,25,040	1,23,63,01,081	1,56,57,26,551	4,91,95,93,341	2,06,83,76,508	2,60,98,38,000	1,56,39,66,000
Cover	Amount involved (against which shares have been encumbered) (B)	4,00,00,00,000	60,00,00,000	75,00,00,000	75,00,00,000	1,00,00,00,000	1,40,00,00,000	75,00,00,000
	Ratio of A/B	1.98	2.06	2.09	6.56	2.07	1.86	2.09
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)

Details of all existing events / agreements pertaining to encumberance

$\tilde{r}$

Details of all existing events / agreements pertaining to encumberance

		Encumprance 15	Encumprance 16	Encumbrance 1/	Encumbrance 18	Encumbrance 19
Date of creation of encumbrance / date of agreement		16.08.2021	07.09.2021	06.09.2021	30.09.2021	30.09.2021
	ype of encumbrance (pledge, lien, negative lien, non-disposal undertaking etc. or any other covenant, ransaction, condition or arrangement in the nature of encumbrance)	Free shares covenant	Pledge	Free shares covenant	Pledge	Pledge
vo. of shares encumbered		1,52,40,376	9,57,000	1,77,80,439	13,00,000	2,40,000
% of shares encumbered		4.42	0.28	5.15	0.38	0.07
Specific details about the encumbrance	Name of the entity in whose favour shares encumbered (X)	Infina Finance Private Ltd Aditya Birla Finance	Limited	Aditya Birla Finance Limited	on behalf of Axis Finance Catalyst Trusteeship Ltd Limited	on behalf of Axis Finance Catalyst Trusteeship Ltd Limited
	No, provide the nature of the Whether the entity X is a scheduled commercial bank, public financial institution, NBFC or housing finance company? If business of the entity.	Yes	Yes	Yes	Yes	Yes
	Names of all other entities in the agreement	None	Holdings Private Limited	Max Ventures Investment Max Ventures Investment Holdings Private Limited	Max Ventures Investment Holdings Private Limited and SKA Diagnostic Private Limited	Private Limited and SKA Investment Holdings Diagnostic Private Max Ventures 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,	$\frac{1}{2}$	$\frac{1}{2}$	$\frac{1}{2}$	$\frac{1}{2}$	$\frac{1}{2}$
	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
ecurity Cover / Asset	Value of shares on the date of event / agreement (A)	14,75,87,80,022	92,67,58,800	17,21,85,76,692	1,25,89,20,000	23,24,16,000
cover	Amount involved (against which shares have been encumbered) (B)	75,00,00,000	45,00,00,000	45,00,00,000	1,23,94,00,000	21,00,00,000
	Ratio of A / B	19.68	2.06	38.26	$1.02$	1.11
ind 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
	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)

$\overline{\mathcal{C}}$