Max Financial Services Limited — Major Shareholding Notification 2021

Jul 6, 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 06, 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 Railmaira, 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 $\mathbf{H}$ 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 encumbrance of shares/invocation of encumbrance/release of encumbrance, in terms of Regulation
Name of the Turget Company (FC)								Max Financial Services Ltd.
Names of the Stock Exchanges where the shares of the target company are listed								BSE Ltd. & National Stock Excluding of India Ltd.
Date of reporting								July 06, 2021
Name of the promoter or PAC on whose shares encumbrance has been created / released / invoked								Max Ventures Investment Holdungs Private Limited
Details of the creation of encumbrances
Name of the promoter(s) or PACs with him $(^{*})$	Promoter holding in the target company $(1)$		encumbered (2)	Promoter holding already				Details of events pertaining to encumbrance (3)				Post event holding of encumbered shares ${creaction$ [(2)+(3)] / release $[(2)-(3)]/$ $invocation 1-3 $
	Number	% of total share capital	Number	% of total share capital	Type of cvent (creation/ Release/ Invocation)	Date of creation/ invocation release of encumbrance	Type of encumbranc e (pledge/ lisen/non disposal Undertakings /others)	Reasons for Incumbrance* $\pm$	Number	$%$ of share capital	Name of the entity in whose favour shares encumbered***	Number	of total share capital
Max Ventures Investment Holdings Pvt. Ltd	50380920	14.60%	31581439	9.16%	Release of Pledge on Shares	02.07.2021	Release of pledge on Shares	In terms of Loan Agreement	1100000	0.32%	Lender: Tata Capital Financial Services Ltd and Capital Tata Housing Finance Limited Trustee: Catalyst Trusteeshitt Ltd	30481439	8.84%
			30481439	8.84%	Creation of Pledge on Shares	05.07.2021	Creation of pledge on Shares	Security for Loan	50000	0.01%	Lender: Infine Finance Private Ltd Trustee: NA	30531439	8.85%
Mr. Analjit Singh.	110000	0.03%	Nil	Nil
Mrs. Neelu Analit Singh	100000	0.03%	Nil	Nil
Ms. Piya Singh	110333	0.03%	Nil	Nil
Mrs. Tara Singh Vachani	100000	0.03%	Nil	Nil

For MAX VENTURES INVESTMENT HOLDINGS PRIVATE LIMITED

TraTe

ARVIND AGGARWAL OIRECTOR

Place: Noida Date: July 06, 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 not.
• the loans taken by the company, personal borrowing, third party pledge, etc.
• 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
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 - 60.10%
	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

$R$

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

S. NO. NAME	NO. OF SHARES	℅
IANALIIT 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

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Details of all existing events / agreements pertaining to encumberance

		Excusivement 1	Encambrance 2	Encumbrance 3	Encumbrance 4	Encontenants	Brownlynese 6	Bocumbrance 7
	Date of creation of encumbrance / date of agreement	18.04.2017	18.05.2018	27.08.2019	05.03.2020	05.03.2020	04.06.2020	04.06.2020
	yo of encumbrance i ledge, lien, we all letten, during posal undertaking etc. or any other covenant.	Fielder	Pledge	ž	Pledar	Finitage	Pledgift	Finance
No. of shares encumbered % of shares encumbered		98,096	0.00 7,000	10,00,000	5,79,154	5,79,090	2,31,662	2,31,600
		0.03		0.29	0.17	0.17	0.07	0.07
Specific details about the encumbrance	Name of the entity in whose favour shares encumbered (X)	IDBI Trusteeship Services Ltd Development Finance on behalf of Housing Corporation Ltd.	STCI Finance Limited	On behalf of Yes Bank Vistra ITCL (India) Ltd. E.	Mearities Holdings (India) Pvt. Ltd	Shirtic Star Build Cap. (P) É	Securities Holdings (India) Pvt. Ltd	Shine Star Build Cap. (P) ted
	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.	£	y	yes	y	y	۶ű	Ľ
	Names of all other entities in the agreement	Max Ventures Investment Holdings Private Limited	1. Max Ventures Investment Holdings Private Limited 2. Piveta Estates Private Limited	Varia Enterprises Limited	Investment Holdings Private Limited Max Ventures	Investment Holdings Private United Max Ventures	Investment Holdings Private Limited Max Ventures	Max Ventures Investment Holdings Private Limited
	commercial paper, certificate of deposit etc.7 If yes, provide details about the Whether the encumbrance is relating to any debt instruments viz. debenture, instrument, including creak rating . If yes,	£	£	£	묻	£	£	Ł
	1. Name of the issuer
	2. Details of the debt Instrument
	3. Whether the debt instrument is listed on stock exchange ? Credit Rating of the debt instrument?
	5. ISIN of the instrument
ecurity Cover / Asset	Value of shares on the date of event / air = ment (A)	0,11,61,500	72,18,750	1,03,12,50,000	59.72.52.145	59,71,86,563	23,89,01,438	23,88,37,500
Cower	Amount involved [1] linst which shares have been encumbered [8]			45,00,00,000	25,00,00,000
	Ratio of A/B			2.29	2.39	25.11.00,000 2.39	10,00,00,000 2.39	10,00,00,000 2.39
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 ind 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
	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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		Enquistrance &	Encuentements	Encembrance 50	Encenterance 11	Encumbermon 12	Encurribrance 13	Enqualgence 14
Date of creation of encumbrance / data of agreement		27.07.2020	29.07.2020	27.08.2020	27.08.2020	03 09 2020	07.09.2020	18.09.2020
	Type of encumbrance (pledge, lien, regarble lien, non-disposal undertaking etc. or any other covenant	Piezige	Pledge	Pleston	Pledge	Pleater .	Pledge	Pledar
No. of shares encumbered		5,79,154	5,79,000	11,58,000	4,05,000	5,30,000	3,10,000	2,45,902
% of shares encumbered		0.17	0.17	0.34	0.12	0.15	0.09	0.07
Specific details about the encumbrance	Name of the entity in whose favour shares encumbered (X)	SELITTIES Holdings (India) Pet, Ltd	Vollet Buildwell Private Limited	Shine Star Build Cap. (P) E.	Wirtue Financial Services Private Limited	SIS Fincap Pvt Ltd	Virtue Financial Services Private Limited	Limited on behalf of Sara Sara Universal Private International Private 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.	y	yes	ğ,	y	yes.	ğ	yes)
	Names of all other entities in the agreement	Max Ventures Investment Holdings Private Limited	Max Ventures Investment Holdings Private Limited	Investment Holdings Private Limited Max Ventures	Max Ventures Investment Holdings Private Limited	Max Ventures Investment Holdings Private Limited	Max Ventures Investment Max Ventures Investment Holdings Private Limited	Holdings 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,	£	£	ž	≗	£	£	울
	1. Name of the issuer
	2. Details of the debt instrument
	3. Whether the delst instrument is listed on stock exchangin? - Credit: Ratlin, of the delst instrument?
	5. ISIN of the instrument
Security Cover / Asset	Value of shares on the date of event / agreement (A)	59,77,53,563	59,70,93,750	1,19,41,87,500	41,76,56,250	54,65,62,500	31,96.37,500	25,35,86,438
Cover	Amount involved Harinst which shares have been encumbered (B)	25,00,00,000	25,00,00,000	50,00,00,000
	Ratio of A/B			7.39	15,00,00,000	25,00,00,000	10,00,00,000	portant and
End use of money	Borrowed amount to be utilized for what purpose-	$\frac{3}{2}$ Personal use by promoters	2.39 Personal use by promoters	Personal use by	Personal use by promoters and Personal use by 2.78	2.19	3.20 Personal use by	2.54 Personal use by
	(a) Personal use by promoters and PACs (b) For the benefit of listed company	Ind 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, in hedule for utilization of amount, repayment schedule etc. (a) Any other reason (please specify)

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		Enternisymen 15	Electric Services	Concerned	Engineering	Exceptional Company	常春福田堂石	Essex mitrance 21
Date of creation of encumbrance / date of agreement		29.10.2020	29.10.2020	27.01.2021	02.02.2021	07.03.2021	09.03.2021	26.03.2021
	The of encumbrance (pleck =, Men, n+p+f+ lien, non-disposal undertakl = etc. or any other covenant,	Piedge	Free shares covenant	Page	Hedge	Free shares coveriant	Piedge	Pleditt
No. of shares encumbered		59,50,000	76,20,188	34,87,473	12,90,000	76,20,188	75,05,600	13,92,989
% of shares encumbered		1.72	2.21	101	0.37	ĵ		0.40
Specific details about the encumbrance	Name of the entity in whose favour shares encumbered (X)	Financial Services Ltd and on behalf of Tata Capital Catalyst Trusteeship Ltd ata Capital Housing Finance Limited	Catalyst Trusteeship Ltd im behalf of Tata Capital Financial Services Ltd.	Hero Fincorp Ltd	Aditya Birla Finance Limbed	ESOF III Investment Fund; Limited on behalf of (I) Catalyst Trusteeship and (II) ECL Finance Limited	Limited on behalf of (i) Catalyst Trusteeship ESOF III Investment Fund; and (ii) ECL Finance Limited	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.	ÿ.	ğ	yes	yes	ECL Finance Limited is a (I) ESOF III Investment Fund Is an AIF; and (II) NBFC	ECL Finance Limited is a (i) ESOF III Investment Fund is an AIF; and (II) NBFC	yes
	Names of all other entities in the agreement	Max Ventures Investment Holdings Private Limited	Max Ventures Investment Max Ventures Investment Holdings Private Limited	Holdings Private Limited	Max Ventures Investment Holdings Private Limited	Norre	None	None
	commercial paper, cerdificate 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,	å	å	2	L	Yes	Yes	å
	1. Name of the issuer					Investment Holdings Pvt. Max Ventures e	Investment Holdings Pvt. Max Ventures gi B
	2. Details of the debt instrument					convertible debentures redeernable non- du pop unisted	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 6. INE709V07086 2. INE709V07045 3. INE709V07052 5. INE709V07078 7. INE709V07094 1. INE709V07037	6. INE709V07086 4. INE709V07060 5. INE709V07078 2. INE709V07045 3. INE709V07052 7. INE709V07094 1. INE709VO7037
ecurity Cover / Asset	Value of shares on the date of event / agreement [A]	6,13,59,37,500	7,85,83,18,823	3,59,64,56,531	1,33 LL,12,500	7,85,83,18,823	7,74,01,50,000	1,43,65,19,906
Taker,	Amount Involved H ilnst which shares have been encumbered B)	DOO'OO'dig 2,97	2,9750,00,000
	Ratio of A / B			1,50,00,00,000	55,00,00,000	4,00,00,00,000	4,00,00,00,000	60,00,00,000
End use of money		2.06	2.64	2.40	2.42	1.96	34	2.39
	Provide details including amount, purpose of raising money by listed company, whedule 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

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Details of all existing events / agreements pertaining to encumberance

		Incumbrance 22	Communication	EAST AND	En Managers
Date of creation of encumbrance / date of	ragreemint	18.05.2021	18.05.2021	28.05.2021	15.06.2021
	prie of encumbrance (plenter, lien, negative lien, non-disposal undertaking etc. or any other covenant,	Philotips	Free shares covenant	Pledijn	Pleilige
No. of shares encumbered		15,35,849	50,80,125	5,65,000	22,70,170
% of shares encumbered		0.45	147	0.16	0.66
Specific details about the encumbrance	Name of the entity in whose favour shares encumbered (X)	Infine Finance Private Ltd Infina Finance Private Ltd Hiller Star Build Cap. (P)		E.	STEI Finance Ltd.
	institution, NBFC or housing finance company? If No, provide the nature of the Wilwiher the entity X is a scheduled commercial bank, public financial business of the entity.	yes	y	y	y
	other entities in the agreement Names of all	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,	£	$\frac{0}{2}$	£	$\triangleq$
	1. Name of the issuer
	2. Details of the debt instrument
	he debt Instrument is listed on stock exchanges? 4. Credit Rating of the debt instrument? 3. Whether t
	5. ISIN of the instrument
scurity Cover / Asset	Value of shares on the date of event / agreement (A)	1,58,38,44,281	5,23,88,79,216	58,26,56,250	2,34,18,34,688
Jaker	Amount Involved	75,00,00,000	75,00,00,000	25,00,00,000	1,00,00,00,000
	Ratio of A/B	2.11	6.99	233	$\frac{34}{24}$
ind use of money	Provide details including amount, purpose of raising money by listed company, 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 reason (please spectfy) (a) Any other schedule for	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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