Max Financial Services Limited — Major Shareholding Notification 2021

Sep 13, 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

September 13, 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 Annexure $\rm II$ 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 Disclosure by the Promoter(s) to the stock exchanges and to the Target Company for Name of the Target Company (TC)								Max Financial Services Ltd			encumbrance of shares/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								September 13, 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
Name of the		Promoter holding in	Promoter holding				Details of events pertaining to encumbrance (3)					Post event holding of
PACs with him promoter(s) or		the	already									encumbered shares
$\epsilon$		target company (1)	encumbered (2)									$invocation[(1)-(3)]$ $ {\rm creation}$ $[(2)+(3)]$ release $[(2)-(3)]$
	Number	$10\%$ total	Number	$\frac{1}{2}$ of total share	Type of event	$\mbox{cretion}/\mbox{invocation}$ Date of	encumbranc Type of	encumbrance* Reasons for	Number	share $\frac{10}{9}$	Name of the entity in whose favour	Number	% of total share
		capital share		capital	Invocation) creation, Release/	encumbrance release of	Undertakings $\frac{\mathrm{(pledge)}}{\mathrm{lisen}/\mathrm{non}}$ disposal /others			capital	encumbered*** shares		capital
Holdings Pvt. Ltd Max Ventures Investment	50380920	14.60%	28017791	8.13%	Release of Pledge on Shares	09.2021 08.	Release of Pledge on Shares	Repayment of Loan	239200	$0.07\%$	Private Virtue Financial Services Limited Lender:	27778591	8.06%
											Trustee: N.A
			27778591	8.06%	Release of Pledge on Shares	.09.2021 09.	Release of Pledge on Shares	In terms of Agreement Loan	90000	$0.03\%$	STCI Trustee: N.A. Finance Ltd Lender:	27688591	8.03%
Mr. Analjit Singh	110000	$0.03\%$	Z	Z
Analjit Singh Mrs. Neelu	100000	$0.03\%$	Z	Z
Ms. Piya Singh	110333	$0.03\%$	Z	EN
Mrs. Tara Singh Vachani	100000	$0.03\%$	FK	Z

For MAX VENTURES INVESTMENT HOLDINGS PRIVATE LIMITED

MOR A

ARVIND AGGARWAL
DIRECTOR

Date: September 13, 2021 Place: Noida

• * 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
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 - 54.50%
	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

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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
	IMAX VENTURES INVESTMENT HOLDINGS PRIVATE LIMITED	5,03,80,920	14.60
	TOTAL	5,08,01,253	14.72

$\leq \leq 1$

		Encumbrance 1	Encumbrance 2	Encumbrance 3	Encumbrance 4	Encumbrance 5	Encumbrance 6	Encumbrance 7
	Date of creation of encumbrance / date of agreement	019 27.08.2	27.08.2020	07.09.2020	18.09.2020	29.10.2020	29.10.2020	27.01.2021
	ype of encumbrance (pledge, lien, negative lien, non-disposal undertaking etc. or any other covenant, ransaction, condition or arrangement in the nature of encumbrance)	Pledge	Pledge	Pledge	Pledge	Pledge	Free shares covenant	Pledge
Vo. of shares encumbered		10,00,000	850	800	2,45,902	59,50,000	1,52,40,376	29,34,108
% of shares encumbered		0.29	0.00	0.00	0.07	1.72	4.42	0.85
Specific details about the encumbrance	Name of the entity in whose favour shares encumbered (X)	Ltd. On behalf of Yes Bank Ltd. Vistra ITCL (India)	Virtue Financial Services Private Limited	Services Private Virtue Financial Limited	Sara Universal Private Limited on behalf of Sara International Private Limited	Catalyst Trusteeship Ltd on behalf of Tata Capital Housing Finance Limited 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,	$\frac{1}{2}$	ş	$\frac{0}{2}$	$\frac{1}{2}$	$\frac{0}{2}$	$\stackrel{\circ}{\geq}$	$\stackrel{\circ}{\geq}$
	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)	1,08,53,50,000	9,22,548	8,68,280	26,68,89,736	6,45,78,32,500	16,54,11,41,983	3,18,45,34,118
Cover	Amount involved (against which shares have been encumbered) (B)	45,00,00,000			10,00,00,000	2,97,50,00,000	2,97,50,00,000	1,50,00,00,000
	Ratio of A	2.41			2.67	2.17	5.56	2.12
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 (a) Any other reason (please specify) (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	promoters and PACs Personal use by
	$\widetilde{\leftarrow}$

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	Details of all existing events / agreements pertaining to encumberance
Date of creation of encumbrance / date of agreement		Encumbrance 8 02.02.2021	Encumbrance 9 06.09.2021	Encumbrance 10 07.03.2021	Encumbrance 11 09.03.2021	Encumbrance 12 26.03.2021	Encumbrance 13 18.05.2021
	Type of encumbrance (pledge, lien, negative lien, non-disposal undertaking etc. or any other covenant,	Pledge	Free shares covenant	Free shares covenant	Pledge	Pledge	Pledge
No. of shares encumbered	transaction, condition or arrangement in the nature of encumbrance)	10,90,000	1,77,80,439	76,20,188	75,05,600	11,73,643	15,31,818
% of shares encumbered		0.32	5.15	2.21	2.17	0.34	0.44
Specific details about the encumbrance	Name of the entity in whose favour shares encumbered (X)	Aditya Birla Finance Limited Aditya Birla Finance Limited		Catalyst Trusteeship Limited Investment Fund; and (ii) on behalf of (i) ESOF III ECL Finance Limited	Limited on behalf of (i) Catalyst Trusteeship ESOF III Investment Fund; and (ii) ECL Finance Limited	Hero Fincorp Ltd	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.	Yes	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
	Names of all other entities in the agreement	Max Ventures Investment Holdings Private Limited	Max Ventures Investment Holdings Private Limited	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,	$\frac{1}{2}$	$\frac{\circ}{\circ}$	Yes	Yes	$\frac{\circ}{2}$	$\frac{1}{2}$
	1. Name of the issuer			Max Ventures Investment Holdings Pvt. Ltd.	Investment Holdings Max Ventures 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	2. INE709V07045 1. INE709V07037
				3. INE709V07052	3. INE709V07052
				5. INE709V07078 6. INE709V07086 7. INE709V07094 4. INE709V07060	4. INE709V07060 5. INE709V07078 6. INE709V07086
					7. INE709V07094
Security Cover / Asset	Value of shares on the date of event / agreement (A)	1,18,30,31,500	19,29,79,98,980	8,27,05,70,992	8,14,62,02,960	1,27,38,13,430	1,66,25,58,666
Cover	Amount involved (against which shares have been encumbered) (B) Ratio of A / B	55,00,00,000 2.15	55,00,00,000 35.09	4,00,00,00,000 2.07	4,00,00,00,000 2.04	60,00,00,000 2.12	75,00,00,000 2.22
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	Personal use by promoters and PACs	promoters and PACs Personal use by	Personal use by 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)
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	Details or all existing events / agreements pertaining to encumperance	Encumbrance 14	Encumbrance 15	Encumbrance 16	Encumbrance 17	Encumbrance 18	Encumbrance 19	Encumbrance 20
	Date of creation of encumbrance / date of agreement	18.05.2021	15.06.2021	30.06.2021	16.08.2021	16.08.2021	07.09.2021	06.09.2021
	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	Pledge	Pledge	Free shares covenant	Pledge	Free shares covenant
Vo. of shares encumbered		25 50,80,12	19,40,870	24,00,000	15,30,000	1,52,40,376	3,85,000	1,77,80,439
% of shares encumbered		1.47	0.56	0.70	0.44	4.42	0.11	5.15
Specific details about the encumbrance	Name of the entity in whose favour shares encumbered (X)	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	Infina Finance Private Ltd	Aditya Birla Finance Limited	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	No. The entity is an AIF	Yes	Yes	Yes	Yes
	Names of all other entities in the agreement	None	None	None	None	None	Max Ventures Investment Max Ventures Holdings Private Limited	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,	$\frac{0}{2}$	$\frac{1}{2}$	Yes	$\frac{0}{2}$	$\frac{1}{2}$	$\frac{1}{2}$	$\frac{1}{2}$
	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			1. INE709V07102 2. INE709V07110 3. INE709V07128
Security Cover / Asset	Value of shares on the date of event / agreement (A)	5,51,37,13,994	2,10,65,23,255	2,60,48,40,000	1,66,05,85,500	16,54,11,41,983	41,78,59,750	19,29,79,98,980
Cover	Amount involved (against which shares have been encumbered) (B)	75,00,00,000	1,00,00,00,000	1,40,00,00,000	75,00,00,000	75,00,00,000	45,00,00,000	45,00,00,000
	Ratio of A / B	7.35	2.11	1.86	2.21	22.05	0.93	42.88
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)	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