Max Financial Services Limited — Major Shareholding Notification 2021

Jul 22, 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

July 22, 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.

$\overline{A}$ $\neg\neg\neg\neg\neg\neg\neg\neg\neg\neg\neg\neg\neg\neg\neg\neg\neg\neg\neg$

Arvind Aggarwal (Director)

Encl. as above

	Name of the Target Company (TC)			31(1) and 31(2) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011				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								July 22, 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 $\binom{}{}$		target company (1)	encumbered (2)									$invocation[(1)-(3)]$ $ {\rm creation}$ $[(2)+(3)]$ release $[2]$ - $(3)$ ]
	Number	$\frac{1}{2}$ Or	Number	$\frac{6}{6}$ of total	Type of	Date of	Type of	Reasons for	Number	$\frac{10}{9}$	Name of the entity	Number	$\frac{1}{2}$ % of total
		total		share	event	$c$ reation $/$	encumbranc	encumbrance*		share	in whose favour		share
		capital share		capital	creation Release	invocation release of	(pledge/			capital	encumbered*** shares		capital
					Invocation)	encumbrance	lisen/non
							disposal
							Undertakings /others)
Max Ventures	50380920	$14.60\%$	28020683	8.13%	Release of	20.07.2021	Release of	Repayment of	7000	0.002%	STCI Lender:	28013683	8.13%
Holdings Pvt. Ltd Investment					Pledge on Shares		pledge on Shares	Loan			Finance Ltd
											Trustee: N.A.
Mr. Analjit Singh	110000	$0.03\%$	Z	Z
Analjit Singh Mrs. Neelu	100000	$0.03\%$	Z	Nil
Ms. Piya Singh	110333	$0.03\%$	Nil	Nil
Mrs. Tara Singh	100000	$0.03\%$	ΣÏ	Z
Vachani

For MAX VENTURES INVESTMENT HOLDINGS PRIVATE LIMITED

X

FredE

ARVIND AGGARWAL
DIRECTOR

Place: Noida
Date: July 22, 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 $\ast$

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

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 - 55.14%
	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

$\sim$

					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

$\frac{1}{\sqrt{2}}$

		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	18.09.2020	29.10.2020	29.10.2020	27.01.2021
	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	Pledge	Free shares covenant	Pledge
No. of shares encumbered		10,00,000	3,60,000	2,40,000	2,45,902	59,50,000	76,20,188	34,87,473
% of shares encumbered		0.29	0.10	0.07	0.07	1.72	2.21	1.01
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	Sara Universal Private Limited on behalf of Sara International Private Limited	on behalf of Tata Capital Housing Finance Limited Catalyst Trusteeship Ltd 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	Limited Vana Enterprises	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,	$\frac{1}{2}$	$\frac{0}{2}$	$\frac{0}{2}$	$\frac{1}{2}$	$\frac{1}{2}$	$\frac{1}{2}$	$\frac{0}{2}$
	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)	1,04,77,50,000	37,71,90,000	25,14,60,000	25,76,43,821	6,23,41,12,500	7,98,40,51,925	3,65,39,99,836
Cover	Amount involved (against which shares have been encumbered) (B)	45,00,00,000		10,00,00,000	10,00,00,000	2,97,50,00,000	2,97,50,00,000	1,50,00,00,000
	Ratio of A / B	2.33		2.59	2.58	2.10	2.68	2.44
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)	Personal use by promoters and PACs	Personal use by promoters 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

Details of all existing events / agreements pertaining to encumberance

		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	13,92,989	15,35,849	50,80,125	5,65,000
% of shares encumbered		0.34	2.21	2.17	0.40	0.45	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 (ii) on behalf of (i) ESOF III ECL Finance Limited	Limited on behalf of (i) ESOF III Investment Fund; and (ii) ECL Finance Limited	Hero Fincorp Ltd	Infina Finance Private Ltd	Infina Finance Private Ltd	Shine Star Build Cap. (P) 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	(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	$\frac{0}{2}$	$\frac{1}{2}$	å	$\frac{1}{2}$
	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 non-convertible debentures	convertible debentures redeemable non- 40,000 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 2. INE709V07045 3. INE709V07052 5. INE709V07078 6. INE709V07086 7. INE709V07094 1. INE709V07037	4. INE709V07060 5. INE709V07078 6. INE709V07086 7. INE709V07094 2. INE709V07045 3. INE709V07052 1. INE709V07037
Security Cover / Asset	Value of shares on the date of event / agreement (A)	1,24,68,22,500	7,98,40,51,925	7,86,39,92,400	1,45,95,04,225	1,60,91,85,790	5,32,27,01,283	59,19,78,750
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	2.27	2.00	1.97	2.43	2.15	7.10	2.37
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

Details of all existing events / agreements pertaining to encumberance

		Encumbrance 15	Encumbrance 16
Date of creation of encumbrance / date of agreement		15.06.2021	30.06.2021
	or any other covenant, Type of encumbrance (pledge, lien, negative lien, non-disposal undertaking etc. transaction, condition or arrangement in the nature of encumbrance)	Pledge	Pledge
No. of shares encumbered		21,40,870	24,00,000
% of shares encumbered		0.62	0.70
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
	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
	Names of all other entities in the agreement	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
	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)	2,24,30,96,543	2,51,46,00,000
Cover	Amount involved (against which shares have been encumbered) (B)	1,00,00,00,000	1,40,00,00,000
	Ratio of A / B	2.24	1.80
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
	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)