Max Financial Services Limited — Major Shareholding Notification 2021

Aug 26, 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

August 25, 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.

Circular Also find enclosed Annexure $\rm II$ in terms of SEBI 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.

$\pi$ hva

Arvind Aggarwal (Director)

Encl. as above

									$\frac{1}{2}$ of total	share	capital				8.38%
						Post event holding of	encumbered shares $[{\rm creation}\ [(2]+[3]]$	$invocation[(1)-(3)]$ release $[(2)-(3)]$	Number						28906941
Disclosure by the Promoter(s) to the stock exchanges and to the Target Company for encumbrance of shares/invocation of encumbrance/release of encumbrance, in terms of Regulation									Name of the entity	in whose favour	encumbered*** shares				Infina Lender:	Private Finance	Ltd	Trustee: N.A.
									$\%$ of	share	capital				0.44%
									Number						1530000
	Max Financial Services Ltd	BSE Ltd. & National Stock Exchange of India Ltd	August 25, 2021	Max Ventures Investment Holdings Private Limited		Details of events pertaining to encumbrance (3)			Reasons for	encumbrance*					Security for	Loan
									Type of	encumbranc	(pledge/	lisen/non	disposal	Undertakings /others)	Creation of	pledge on	Shares
				invoked					Date of	$\mbox{cretion}/\mbox{invocation}$	release of	encumbrance			23.08.2021
									Type of	event	(creation) Release	Invocation)			Creation of	Pledge on	Shares
									$\frac{1}{2}$ of total	share	capital				7.94%				ΣÏ	ΣÏ	Z	Z
						Promoter holding	encumbered (2) already		Number						27376941				ΣÏ	Z	ΣÏ	ΣÏ
									$\frac{10}{9}$ of	total	capital share				14.60%				$0.03\%$	$0.03\%$	$0.03\%$	$0.03\%$
						Promoter holding in	target company (1) the		Number						50380920				110000	100000	110333	100000
31(1) and 31(2) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011	Name of the Target Company (TC)	Names of the Stock Exchanges where the shares of the target company are listed	Date of reporting	Name of the promoter or PAC on whose shares encumbrance has been created/released	Details of the creation of encumbrances	Name of the	PACs with him promoter(s) or								Max Ventures	Investment	Holdings Pvt. Ltd		Mr. Analjit Singh	Analjit Singh Mrs. Neelu	Ms. Piya Singh	Mrs. Tara Singh Vachani

For MAX VENTURES INVESTMENT HOLDINGS PRIVATE LIMITED

RNO RU

ARVIND AGGARWAL
DIRECTOR

Date: August 25, 2021 Place: New Delhi

• * 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 - 56.90%
	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

$\sqrt{a}$

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

S. NO.	NAME	NO. OF SHARES	$\frac{0}{0}$
	JANALJIT SINGH	1,10,000	0.03
	NEELU 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

$\rightarrow$

Encumbrance 7	27.01.2021	Pledge	31,12,679	0.90	Hero Fincorp Ltd	Yes	Max Ventures Investment Holdings Private Limited	$\frac{1}{2}$					3,24,04,54,473	1,50,00,00,000	2.16	promoters and PACs Personal use by
Encumbrance 6	29.10.2020	Free shares covenant	1,52,40,376	4.42	Catalyst Trusteeship Ltd on behalf of Tata Capital Financial Services Ltd.	Yes	Investment Holdings Private Limited Max Ventures	$\frac{0}{2}$					15,86,59,93,331	2,97,50,00,000	5.33	promoters and PACs Personal use by
Encumbrance 5	29.10.2020	Pledge	59,50,000		on behalf of Tata Capital Catalyst Trusteeship Ltd Housing Finance Limited Financial Services Ltd and Tata Capital	Yes	Investment Holdings Private Limited Max Ventures	$\frac{\circ}{2}$					6,19,42,47,500	2,97,50,00,000	2.08	promoters and PACs Personal use by
Encumbrance 4	18.09.2020	Pledge	2,45,902	0.07	Sara Universal Private Limited on behalf of Sara International Private Limited	Yes	Investment Holdings Private Limited Max Ventures	$\frac{1}{2}$					25,59,96,277	10,00,00,000	2.56	promoters and PACs Personal use by
Encumbrance 3	07.09.2020	Pledge	2,40,000	0.07	Services Private Virtue Financial Limited	Yes	Investment Holdings Private Limited Max Ventures	$\frac{1}{2}$					24,98,52,000	10,00,00,000	2.59	promoters and PACs Personal use by
Encumbrance 2	27.08.2020	Pledge	3,60,000	0.10	Virtue Financial Services Private Limited	Yes	Max Ventures Investment Holdings Private Limited	$\frac{1}{2}$					37,47,78,000	15,00,00,000	2.50	Personal use by promoters and PACs
Encumbrance 1	27.08.2019	Pledge	10,00,000	0.29	Vistra ITCL (India) Ltd. On behalf of Yes Bank Ltd.	Yes	Vana Enterprises Limited	$\frac{1}{2}$					1,04,10,50,000	45,00,00,000	2.31	Personal use by promoters and PACs
Details of all existing events / agreements pertaining to encumberance		Type of encumbrance (pledge, lien, negative lien, non-disposal undertaking etc. or any other covenant, transaction, condition or arrangement in the nature of encumbrance)			Name of the entity in whose favour shares encumbered (X)	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.	Names of all other entities in the agreement	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,	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	Value of shares on the date of event / agreement (A)	Amount involved (against which shares have been encumbered) (B)	Ratio of A/	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)
	Date of creation of encumbrance / date of agreement		No. of shares encumbered	% of shares encumbered	Specific details about the encumbrance								Security Cover / Asset	Cover		End use of money

$\overline{\cancel{\varphi}}$

		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, transaction, condition or arrangement in the nature of encumbrance)	Pledge	Free shares covenant	Pledge	Pledge	Pledge	Free shares covenant	Pledge
No. of shares encumbered		11,90,000	76,20,188	75,05,600	12,45,072	15,31,818	50,80,125	5,65,000
% of shares encumbered		$\overline{\phantom{a}34}$ c	2.21	2.17	0.36	0.44	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 (iii) on behalf of (i) ESOF III	Limited on behalf of (i) ESOF III Investment	Hero Fincorp Ltd	Infina Finance Private Ltd	Infina Finance Private Ltd	Shine Star Build Cap. (P) Ltd.
			ECL Finance Limited	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,	$\frac{0}{2}$	Yes	Yes	$\frac{1}{2}$	$\frac{1}{2}$	$\frac{1}{2}$	$\frac{0}{2}$
	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 non-convertible debentures	redeemable non 40,000 unlisted
				convertible debentures
	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 1. INE709V07037	2. INE709V07045 1. INE709V07037
			3. INE709V07052 4. INE709V07060	4. INE709V07060 3. INE709V07052
			5. INE709V07078
			6. INE709V07086 7. INE709V07094	5. INE709V07078 6. INE709V07086 7. INE709V07094
Security Cover / Asset	Value of shares on the date of event / agreement (A)	1,23,88,49,500	7,93,29,96,665	7,81,37,04,880	1,29,61,82,206	1,59,46,99,129	5,28,86,64,444	58,81,93,250
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	25,00,00,000
	Ratio of A / B	.25	1.98	1.95	2.16	2.13	7.05	2.35
End use of money	Borrowed amount to be utilized for what purpose	Personal use by promoters	Personal use by promoters	Personal use by	Personal use by promoters and Personal use by		Personal use by	Personal use by
	(a) Personal use by promoters and PACs (b) For the benefit of listed company	and PACs	and PACs	promoters and PACs	PACs	promoters and PACs	promoters and PACs	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

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		Encumbrance 15		Encumbrance 1/	Encumbrance 18
Date of creation of encumbrance / date of agreement		15.06.2021	Encumbrance 16 30.06.2021	16.08.2021	16.08.2021
	Type of encumbrance (pledge, lien, negative lien, non-disposal undertaking etc. or any other covenant,	Pledge	Pledge	Pledge	Free shares covenant
No. of shares encumbered	transaction, condition or arrangement in the nature of encumbrance)	20,30,870	24,00,000	15,30,000	1,52,40,376
% of shares encumbered		0.59	0.70	0.44	4.42
Specific details about the encumbrance	Name of the entity in whose favour shares encumbered (X)	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
	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	Yes	Yes
	Names of all other entities in the agreement	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 credit rating. If yes, instrument, including	$\frac{1}{2}$	Yes	$\frac{1}{2}$	$\stackrel{\circ}{\geq}$
	1. Name of the issuer		Max Ventures Investment Holdings Pvt. Ltd.
	instrument 2. Details of the debt		convertible debentures redeemable non- 1,400 unlisted
	instrument is listed on stock exchanges? 4. Credit Rating of the debt instrument? 3. Whether the debt		Unlisted Unrated
	5. ISIN of the instrument		3. INE709V07128 1. INE709V07102 2. INE709V07110
Security Cover / Asset	Value of shares on the date of event / agreement (A)	2,11,42,37,214	2,49,85,20,000	1,59,28,06,500	15,86,59,93,331
Cover	Amount involved (against which shares have been encumbered) (B)	1,00,00,00,000	1,40,00,00,000	75,00,00,000	75,00,00,000
	Ratio of A / B	2.11	1.78	2.12	21.15
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
	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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