Max Financial Services Limited — Major Shareholding Notification 2021

Oct 14, 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 14, 2021

Listing Department BSE Limited Phiroze Jeejeebhov 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.

Circular $No.$ of SEBI Also find enclosed Annexure $\rm II$ in terms 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

Max Ventures Investment Holdings Private Limited BSE Ltd. & National Stock Exchange of India Ltd. Details of events pertaining to encumbrance (3) Max Financial Services Ltd October 14, 2021 encumbrance* Security for Security for Security for Reasons for Loan Loan Loan Undertakings encumbranc Creation of Creation of Creation of lisen/non Pledge on Pledge on Pledge on disposal /others Shares Shares Shares (pledge/ Type of encumbrance $\mathrm{creation}/\ \mathrm{invocation}/\ \mathrm{invocation}$ 13.10.2021 13.10.2021 13.10.2021 release of Name of the promoter or PAC on whose shares encumbrance has been created/released/invoked Date of Creation of Creation of Creation of Invocation) Pledge on Pledge on Pledge on Shares Shares Shares creation Type of Release Names of the Stock Exchanges where the shares of the target company are listed event $\%$ of total 8.56% 8.55% 8.55% capital share Promoter holding Nil Nil Z encumbered (2) already 29504689 29516689 29546689 Number Nil Nil Nil Promoter holding in 14.60% target company (1) capital $0.03\%$ $0.03\%$ $0.03\%$ Details of the creation of encumbrances share $\%$ of total Name of the Target Company (TC) the 50380920 110000 100000 Number 110333 Date of reporting Holdings Pvt. Ltd PACs with him promoter(s) or Name of the Ms. Piya Singh Max Ventures Analjit Singh Investment Mrs. Neelu Mr. Analjit $\left( \frac{\ast}{\epsilon}\right)$ Singh	31(1) and 31(2) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 Disclosure by the Promoter(s) to the stock exchanges and to the Target Company for
											Post event holding of encumbered shares $invocation[(1)-(3)]$ ${t$ reation $[(2)+(3)]$ release $[(2)-(3)]$
								Number	capital share $\%$ of	Name of the entity in whose favour encumbered*** shares	Number	$\frac{1}{2}$ of total capital share
								12000	0.003%	Hero Lender:	29516689	8.55%
										Fincorp Ltd.
										Trustee: N.A
								30000	0.009%	Hero Lender:	29546689	8.56%
										Fincorp Ltd.
										Trustee: N.A.
								100000	0.029%	Tata Capital Finance Trustee: Catalyst Capital Financial Services Ltd and Trusteeship Ltd Housing Lender: Limited Tata	29646689	8.59%
									$\overline{a}$
Vachani	Mrs. Tara Singh	100000	$0.03\%$	Nil	Nil

For MAX VENTURES INVESTMENT HOLDINGS PRIVATE LIMITED

ARVIND AGGARWAL
DIRECTOR A vol 1

Place: Noida
Date: October 14, 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 - 58.36%
	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

$M$

	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
	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

$\sqrt{ }$

		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	27.08.2020	07.09.2020	29.10.2020	29.10.2020	27.01.2021	02.02.2021
	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	Pledge	Free shares covenant	Pledge	Pledge
No. of shares encumbered		10,00,000	850	800	61,50,000	1,52,40,376	30,15,108	10,90,000
% of shares encumbered		0.29	0.00	0.00	1.78	4.42	0.87	0.32
Specific details about the encumbrance	Name of the entity in whose favour shares encumbered (X)	Vistra ITCL (India) Ltd. On behalf of Yes Bank Ltd.	Virtue Financial Services Private Limited	Services Private Virtue Financial Limited	on behalf of Tata Capital Catalyst Trusteeship Ltd Housing Finance Limited Financial Services Ltd and Tata Capital	Catalyst Trusteeship Ltd on behalf of Tata Capital Financial Services Ltd.	Hero Fincorp Ltd.	Aditya Birla 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	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	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,	$\frac{1}{2}$	$\frac{1}{2}$	$\frac{1}{2}$	$\frac{1}{2}$	$\frac{1}{2}$	$\frac{0}{2}$	$\frac{0}{2}$
	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)	99,36,50,000	8,44,603	7,94,920	6,11,09,47,500	15, 14, 35, 99, 513	2,99,59,62,064	1,08,30,78,500
Cover	Amount involved (against which shares have been encumbered) (B) Ratio of A/B	45,00,00,000 2.21			2,97,50,00,000 2.05	2,97,50,00,000 5.09	1,50,00,00,000	55,00,00,00C
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	2.00 promoters and PACs Personal use by	1.97 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

$\widetilde{\mathcal{F}}$

		Encumbrance 8	Encumbrance 9	Encumbrance 10	Encumbrance 11	Encumbrance 12	Encumbrance 13	Encumbrance 14
	Date of creation of encumbrance / date of agreement	06.09.2021	07.03.2021	09.03.2021	26.03.2021	18.05.2021	18.05.2021	15.06.2021
	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	Free shares covenant	Pledge	Pledge	Pledge	Free shares covenant	Pledge
No. of shares encumbered		1,77,80,439	76,20,188	75,05,600	12,06,643	15,31,818	50,80,125	20,20,870
% of shares encumbered		15 v	2.21	2.17	0.35	0.44	1.47	0.59
Specific details about the	Name of the entity in whose favour shares encumbered (X)	Aditya Birla Finance Limited	Catalyst Trusteeship Limited	Catalyst Trusteeship	Hero Fincorp Ltd	Infina Finance Private Ltd	Infina Finance Private Ltd	STCI Finance Ltd.
encumbrance			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
	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	$\frac{1}{2}$	2 o	$\frac{1}{2}$	$\frac{1}{2}$
	1. Name of the issuer		Max Ventures Investment	Max Ventures
			Holdings Pvt. Ltd.	Investment Holdings Pvt. Ltd.
	2. Details of the debt instrument		40,000 unlisted redeemable 40,000 unlisted
			non-convertible debentures redeemable non-	convertible debentures
	3. Whether the debt instrument is listed on stock exchanges?		Unlisted	Unlisted
	4. Credit Rating of the debt instrument? 5. ISIN of the instrument		Unrated	Unrated
			2. INE709V07045 1. INE709V07037	1. INE709V07037 2. INE709V07045
			3. INE709V07052	3. INE709V07052
			4. INE709V07060	4. INE709V07060
			6. INE709V07086 7. INE709V07094 5. INE709V07078	5. INE709V07078 6. INE709V07086 7. INE709V07094
Security Cover / Asset	Value of shares on the date of event / agreement (A)	17,66,75,32,765	7,57,17,99,757	7,45,79,39,440	1,19,89,80,817	1,52,20,90,956	5,04,78,66,504	2,00,80,37,476
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	75,00,00,000	1,00,00,00,000
	Ratio of A / B	12 32.	1.89	1.86	2.00	2.03	6.73	2.01
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

$\frac{1}{2}$

	Details of all existing events / agreements pertaining to encumberance	15 Encumbrance	Encumbrance 16	Encumbrance 17	Encumbrance 18	Encumbrance 19	Encumbrance 20	Encumbrance 21
	Date of creation of encumbrance / date of agreement	30.06.2021	16.08.2021	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,	Pledge	Pledge	Free shares covenant	Pledge	Free shares covenant	Pledge	Pledge
No. of shares encumbered	transaction, condition or arrangement in the nature of encumbrance)	24,00,000	15,30,000	1,52,40,376	9,15,000	1,77,80,439	12,50,000	30,000
% of shares encumbered		0.70	0.44	4.42	0.27	5.15	0.36	0.01
Specific details about the encumbrance	Name of the entity in whose favour shares encumbered (X)	Asia- Pacific Private Credit Vistra ITCL India Pvt Ltd on behalf of BlackRock Opp. Fund II (SG) VCC	Infina Finance Private Ltd	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
	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.	No. The entity is an AIF	Yes	Yes	Yes	Yes	Yes	Yes
	Names of all other entities in the agreement	None	None	None	Max Ventures Investment Max Ventures Holdings Private Limited	Investment Holdings Private Limited	Max Ventures Investment Holdings Private Limited and SKA Diagnostic Private Limited	Max Ventures Investment Holdings Private Limited and SKA Diagnostic 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,	Yes	$\frac{1}{2}$	$\frac{1}{2}$	$\frac{0}{2}$	$\frac{1}{2}$	$\frac{1}{2}$	$\frac{1}{2}$
	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)	2,38,47,60,000	1,52,02,84,500	15, 14, 35, 99, 513	90,91,89,750	17,66,75,32,765	1,24,20,62,500	2,98,09,500
Cover	Amount involved (against which shares have been encumbered) (B)	1,40,00,00,000	75,00,00,000	75,00,00,000	45,00,00,000	45,00,00,000	1,25,00,00,000	3,00,00,000
	Ratio of A / B	1.70	2.03	20.19	2.02	39.26	0.99	0.99
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)
	$\overline{\ell}$