Max Financial Services Limited — Major Shareholding Notification 2021

Oct 27, 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

October 27, 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 Puniab - 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 $\mathbf{I}$ 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.

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			Disclosure by the Promoter(s) to the stock exchanges and to the Target Company for encumbrance /invocation of encumbrance/release of encumbrance, in terms of Regulation
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								October 27, 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
PACs with him promoter(s) or Name of the $\binom{*}{}$		Promoter holding in target company (1) the	Promoter holding encumbered (2) already					Details of events pertaining to encumbrance (3)				Post event holding of encumbered shares $invocation[(1)-(3)]$ $ {\rm creation}$ $[(2)+(3)]$ release $[ (2)-(3) ]$
	Number	capital share total $\%$ of	Number	$\%$ of total capital share	Invocation) creation Type of Release event	encumbrance $\mbox{creation/}$ invocation release of Date of	Undertakings encumbranc lisen/non disposal /others) Type of (pledge/	encumbrance* Reasons for	Number	capital share $\%$ of	Name of the entity in whose favour shares encumbered***	Number	$\%$ of total capital share
Holdings Pvt. Ltd Max Ventures Investment	50380920	14.60%	30015039	8.69%	Creation of Pledge on Shares	25.10.2021	Creation of Pledge on Shares	Security for Loan	20000	$0.01\%$	Aditya Birla Finance Ltd. Trustee: N.A. Lender:	30035039	8.70%
			30035039	8.70%	Creation of Pledge on Shares	26.10.2021	Creation of Pledge on Shares	Security for Loan	210000	$0.06\%$	Axis Bank Catalyst Trusteeship Ltd Trustee: Lender: Limited	30245039	8.76%
			30245039	8.76%	Creation of Pledge on Shares	26.10.2021	Creation of Pledge on Shares	Security for Loan	85000	0.02%	Infina Private Trustee: N.A. Finance Lender: Ltd	30330039	8.78%
			30330039	8.78%	Creation of Pledge on Shares	26.10.2021	Creation of Pledge on Shares	Security for Loan	85000	$0.02\%$	Private Infina Trustee: N.A. Finance Lender: Ltd	30415039	8.80%
Mr. Analjit Singh	110000	0.03%	Z	$\overline{\textrm{N}}$ l
Analjit Singh Mrs. Neelu	100000	$0.03\%$	$\overline{N}$	Z
Ms. Piya Singh	110333	0.03%	Ξ	Z

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For MAX VENTURES INVESTMENT HOLDINGS PRIVATE LIMITED

ANDIN

ARVIND AGGARWAL
DIRECTOR

Place: Noida
Date: October 27, 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

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
lencumbered
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 - 59.87%
	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	NO. OF SHARES	$\frac{0}{0}$
	ANALJIT SINGH	1,10,000	0.03
	NEELU ANALJIT SINGH	1,00,000	0.03
	IPIYA 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

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institution, NBFC or housing finance company? If No, provide the nature of the Whether the encumbrance is relating to any debt instruments viz. debenture, commercial paper, certificate of deposit etc.? If yes, provide details about the Type of encumbrance (pledge, lien, negative lien, non-disposal undertaking etc. or any other covenant, Whether the entity X is a scheduled commercial bank, public financial 3. Whether the debt instrument is listed on stock exchanges? Name of the entity in whose favour shares encumbered (X) Value of shares on the date of event / agreement (A) Names of all other entities in the agreement instrument, including credit rating . If yes, 4. Credit Rating of the debt instrument? transaction, condition or arrangement in the nature of encumbrance) 2. Details of the debt instrument Date of creation of encumbrance / date of agreement 5. ISIN of the instrument business of the entity. 1. Name of the issuer Specific details about the No. of shares encumbered % of shares encumbered Security Cover / Asset encumbrance	Encumbrance 1	Encumbrance 2	Encumbrance 3	Encumbrance 4	Encumbrance 5	Encumbrance 6	Encumbrance 7
	27.08.2019	29.10.2020	29.10.2020	27.01.2021	02.02.2021	06.09.2021	07.03.2021
	Pledge	Pledge	Free shares covenant	Pledge	Pledge	Free shares covenant	Free shares covenant
	10,00,000	63,20,000	1,52,40,376	30,95,108	11,40,000	1,77,80,439	76,20,188
	0.29	1.83	4.42	0.90	0.33	5.15	2.21
	Vistra ITCL (India) Ltd. On behalf of Yes Bank 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
	Yes	Yes	Yes	Yes	Yes	Yes	(i) ESOF III Investment Fund Finance Limited is a NBFC is an AIF; and (ii) ECL
	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
	$\frac{1}{2}$	$\frac{1}{2}$	$\frac{1}{2}$	$\frac{1}{2}$	$\frac{1}{2}$	$\frac{1}{2}$	Yes
							Max Ventures Investment Holdings Pvt. Ltd.
							40,000 unlisted redeemable non-convertible debentures
							Unlisted
							Unrated
							4. INE709V07060 6. INE709V07086 7. INE709V07094 2. INE709V07045 3. INE709V07052 5. INE709V07078 1. INE709V07037
	00,000 97,59,	6,16,76,88,000	14,87,30,82,841	3,02,05,15,897	1,11,25,26,000	17,35,19,29,981	7,43,65,41,420
Amount involved (against which shares have been encumbered) (B) Cover	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
Ratio of A / B	2.17	2.07	5.00	2.01	2.02	31.55	1.86
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 (a) Any other reason (please specify) (b) For the benefit of listed company End use of money	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

		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		75,05,600	12,36,643	16,16,818	50,80,125	20,60,870	24,00,000	16,15,000
% of shares encumbered		$\overline{17}$	0.36	0.47	1.47	0.60	0.70	0.47
Specific details about the encumbrance	Name of the entity in whose favour shares encumbered (X)	Catalyst Trusteeship Limited Hero Fincorp Ltd Investment Fund; and (ii) on behalf of (i) ESOF III ECL Finance Limited		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 Fund 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	$\frac{1}{2}$	$\frac{1}{2}$	2	$\frac{1}{2}$	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 res non-convertible debentu					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	2. INE709V07045 4. INE709V07060 5. INE709V07078 6. INE709V07086 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)	7,32,47,15,040	1,20,68,39,904	1,57,78,52,686	4,95,76,94,280	2,01,12,03,033	2,34,21,60,000	1,57,60,78,500
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	$\overline{83}$	2.01	2.10	6.61	2.01	1.67	2.10
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

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	Details of all existing events / agreements pertaining to encumberance	Encumbrance 15	Encumbrance 16	Encumbrance 17	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
	Type of encumbrance (pledge, lien, negative lien, non-disposal undertaking etc. or any other covenant, transaction, condition or arrangement in the nature of encumbrance)	Free shares covenant	Pledge	Free shares covenant	Pledge	Pledge
No. of shares encumbered		1,52,40,376	9,35,000	1,77,80,439	12,50,000	2,40,000
% of shares encumbered		4.42	0.27	5.15	0.36	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 bank, public financial institution, NBFC or housing finance company? If Whether the entity X is a scheduled commercial business of the entity.	Yes	Yes	Yes	Yes	Yes
	Names of all other entities in the agreement	None	Holdings Private Limited	Holdings Private Limited	Max Ventures Investment Max Ventures Investment Max Ventures Investment Max Ventures Holdings Private Limited and SKA Diagnostic Private Limited	Private Limited and SKA Investment Holdings Diagnostic 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, 1. Name of the issuer	$\frac{1}{2}$	$\frac{1}{2}$	$\frac{1}{2}$	$\frac{1}{2}$	$\frac{1}{2}$
	2. Details of the debt instrument
	exchanges? 3. Whether the debt instrument is listed on stock 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)	14,87,30,82,841	91,24,66,500	17,35,19,29,981	1,21,98,75,000	23,42,16,000
Cover	Amount involved (against which shares have been encumbered) (B)	75,00,00,000	45,00,00,000	45,00,00,000	1,25,00,00,000	25,00,00,000
End use of money	Borrowed amount to be utilized for what purpose Ratio of A / B	19.83	2.03	38.56	0.98	0.94
	Provide details including amount, purpose of raising money by listed company, schedule for utilization of amount, repayment schedule etc. (a) Personal use by promoters and PACs (b) For the benefit of listed company (a) Any other reason (please specify)	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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