Max Financial Services Limited — Major Shareholding Notification 2021

Dec 24, 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

December 23, 2021 Listing Department Listing Department The Secretary BSE Limited National Stock Exchange of India Max Financial Phiroze Jeejeebhoy Towers Limited Services Limited Dalal Street Exchange Plaza, Bandra Kurla Railmajra, Tehsil Mumbai – 400021 Complex, Balachaur, Distt. Bandra (East) Nawanshahr Mumbai – 400051 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 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.

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Arvind Aggarwal (Director)

Encl. as above

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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
31(1) and 31(2) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011
Name of the Target Company (TC) 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 December 23, 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
promoter(s) or the already encumbered shares
PACs with him target company (1) encumbered (2) {creation [(2)+(3)] /
() release [(2)-(3)] /
invocation[(1)-(3)]]
Number % of Number % of total Type of Date of Type of Reasons for Number % of Name of the entity in Number % of total
total share event creation/ encumbranc encumbrance share whose favour shares share
share capital (creation/ invocation e * capital encumbered capital
capital Release/ release of (pledge/
Invocation) encumbrance lisen/ non
disposal
Undertakings
/others)
Max Ventures 50380920 14.60% 31803039 9.20% Creation of 21.12.2021 Creation of Security for 510000 0.15% Lender: Axis 32313039 9.35%
Investment Pledge on Pledge on Loan Finance Limited
Holdings Pvt. Ltd Shares Shares
Trustee: Catalyst
Trusteeship Ltd
Mr. Analjit 110000 0.03% Nil Nil
Singh
Mrs. Neelu 100000 0.03% Nil Nil
Analjit Singh
Ms. Piya Singh 110333 0.03% Nil Nil
Mrs. Tara Singh 100000 0.03% Nil Nil
Vachani
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For MAX VENTURES INVESTMENT HOLDINGS PRIVATE LIMITED

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ARVIND AGGARWAL DIRECTOR

Place: U.S.A Date: December 23, 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.

• ** 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)

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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 - 63.61%
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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ANNEXURE - IIA

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

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S. NO. NAME NO. OF SHARES %
1 ANALJIT SINGH 1,10,000 0.03
2 NEELU ANALJIT SINGH 1,00,000 0.03
3 PIYA SINGH 1,10,333 0.03
4 TARA SINGH VACHANI 1,00,000 0.03
5 MAX 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

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Capital of MSFL 34,51,14,771 965.35 TOTAL PLEDGE 3,23,13,039 NDU 1,84,88,214 5,08,01,253
Encumbrance 1 Encumbrance 2 Encumbrance 3 Encumbrance 4 Encumbrance 5 Encumbrance 6 Encumbrance 7 Encumbrance 8
Date of creation of encumbrance / date of agreement 27.08.2019 29.10.2020 29.10.2020 27.01.2021 02.02.2021 06.09.2021 07.03.2021 09.03.2021
Type of encumbrance (pledge, lien, negative lien, non-disposal undertaking etc. or any other covenant, Pledge Pledge Free shares covenant Pledge Pledge Free shares covenant Free shares covenant Pledge
No. of shares encumbered 10,00,000 63,95,000 1,52,40,376 31,91,108 11,70,000 1,77,80,439 76,20,188 81,60,600
% of shares encumbered 0.29 1.85 4.42 0.92 0.34 5.15 2.21 2.36
Specific details about the Name of the entity in whose favour shares encumbered (X) Vistra ITCL (India) Ltd. On Catalyst Trusteeship Ltd on Catalyst Trusteeship Hero Fincorp Ltd. Aditya Birla Finance Aditya Birla Finance Catalyst Trusteeship Catalyst Trusteeship
encumbrance behalf of Yes Bank Ltd. behalf of Tata Capital Ltd on behalf of Tata Limited Limited Limited on behalf of (i) ESOF Limited on behalf of (i) ESOF
Financial Services Ltd and Capital Financial III Investment Fund; and (ii) III Investment Fund; and (ii)
Tata Capital Housing Finance Services Ltd. ECL Finance Limited ECL Finance Limited
Limited
Whether the entity X is a scheduled commercial bank, public financial Yes Yes Yes Yes Yes Yes (i) ESOF III Investment Fund (i) ESOF III Investment Fund
institution, NBFC or housing finance company? If No, provide the nature of the is an AIF; and (ii) ECL is an AIF; and (ii) ECL
business of the entity. Finance Limited is a NBFC Finance Limited is a NBFC
Names of all other entities in the agreement Vana Enterprises Limited Max Ventures Investment Max Ventures Max Ventures Max Ventures Max Ventures Investment None None
Holdings Private Limited Investment Holdings Investment Holdings Investment Holdings Holdings Private Limited
Private Limited Private Limited Private Limited
Whether the encumbrance is relating to any debt instruments viz. debenture, No No No No No No Yes Yes
commercial paper, certificate of deposit etc.? If yes, provide details about the
instrument, including credit rating . If yes,
1. Name of the issuer Max Ventures Investment Max Ventures Investment
Holdings Pvt. Ltd. Holdings Pvt. Ltd.
2. Details of the debt instrument 40,000 unlisted redeemable 40,000 unlisted redeemable
non-convertible debentures non-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 1. INE709V07037 1. INE709V07037
2. INE709V07045 2. INE709V07045
3. INE709V07052 3. INE709V07052
4. INE709V07060 4. INE709V07060
5. INE709V07078 5. INE709V07078
6. INE709V07086 6. INE709V07086
7. INE709V07094 7. INE709V07094
Security Cover / Asset Value of shares on the date of event / agreement (A) 96,53,50,000 6,17,34,13,250 14,71,22,96,875 3,08,05,36,108 1,12,94,59,500 17,16,43,46,354 7,35,61,48,438 7,87,78,35,210
Cover Amount involved (against which shares have been encumbered) (B) 45,00,00,000 2,97,50,00,000 2,97,50,00,000 1,50,00,00,000 55,00,00,000 55,00,00,000 4,00,00,00,000 4,00,00,00,000
Ratio of A / B 2.15 2.08 4.95 2.05 2.05 31.21 1.84 1.97
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 Personal use by Personal use by Personal use by promoters Personal use by promoters
(a) Personal use by promoters and PACs and PACs and PACs promoters and PACs promoters and PACs promoters and PACs promoters and PACs and PACs and PACs
(b) For the benefit of listed company
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 of all existing events / agreements pertaining to encumberance

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Capital of MSFL
Encumbrance 9 Encumbrance 10 Encumbrance 11 Encumbrance 12 Encumbrance 13 Encumbrance 14 Encumbrance 15 Encumbrance 16
Date of creation of encumbrance / date of agreement 26.03.2021 18.05.2021 18.05.2021 15.06.2021 30.06.2021 16.08.2021 16.08.2021 07.09.2021
Type of encumbrance (pledge, lien, negative lien, non-disposal undertaking etc. or any other covenant, Pledge Pledge Free shares covenant Pledge Pledge Pledge Free shares covenant Pledge
No. of shares encumbered 12,76,643 16,16,818 50,80,125 21,35,870 26,95,000 16,15,000 1,52,40,376 9,57,000
% of shares encumbered 0.37 0.47 1.47 0.62 0.78 0.47 4.42 0.28
Specific details about the Name of the entity in whose favour shares encumbered (X) Hero Fincorp Ltd. Infina Finance Private Infina Finance Private Ltd STCI Finance Ltd. Vistra ITCL India Pvt Ltd Infina Finance Private Ltd Infina Finance Private Ltd Aditya Birla Finance
encumbrance Ltd on behalf of BlackRock Limited
Asia- Pacific Private
Credit Opp. Fund II (SG)
VCC
Whether the entity X is a scheduled commercial bank, public financial Yes Yes Yes Yes No. The entity is an AIF Yes Yes Yes
institution, NBFC or housing finance company? If No, provide the nature of the
business of the entity.
Names of all other entities in the agreement None None None None None None None Max Ventures
Investment Holdings
Private Limited
Whether the encumbrance is relating to any debt instruments viz. debenture, No No No No Yes No No No
commercial paper, certificate of deposit etc.? If yes, provide details about the
instrument, including credit rating . If yes,
1. Name of the issuer Max Ventures
Investment Holdings Pvt.
Ltd.
2. Details of the debt instrument 1,400 unlisted
redeemable non-
convertible debentures
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) 1,23,24,07,320 1,56,07,95,256 4,90,40,98,958 2,06,18,62,105 2,60,16,18,250 1,55,90,40,250 14,71,22,96,875 92,38,39,950
Cover Amount involved (against which shares have been encumbered) (B) 60,00,00,000 75,00,00,000 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
Ratio of A / B 2.05 2.08 6.54 2.06 1.86 2.08 19.62 2.05
End use of money Borrowed amount to be utilized for what purpose – Personal use by promoters Personal use by Personal use by promoters Personal use by Personal use by Personal use by Personal use by Personal use by
(a) Personal use by promoters and PACs and PACs promoters and PACs and PACs promoters and PACs promoters and PACs promoters and PACs promoters and PACs promoters and PACs
(b) For the benefit of listed company
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 of all existing events / agreements pertaining to encumberance

Capital of MSFL

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Encumbrance 17 Encumbrance 18 Encumbrance 19
Date of creation of encumbrance / date of agreement 06.09.2021 30.09.2021 30.09.2021
Type of encumbrance (pledge, lien, negative lien, non-disposal undertaking etc. or any other covenant, Free shares covenant Pledge Pledge
No. of shares encumbered 1,77,80,439 13,00,000 8,00,000
% of shares encumbered 5.15 0.38 0.23
Specific details about the Name of the entity in whose favour shares encumbered (X) Aditya Birla Finance Catalyst Trusteeship Ltd Catalyst Trusteeship Ltd
encumbrance Limited on behalf of Axis Finance on behalf of Axis Finance
Limited Limited
Whether the entity X is a scheduled commercial bank, public financial Yes Yes Yes
institution, NBFC or housing finance company? If No, provide the nature of the
business of the entity.
Names of all other entities in the agreement Max Ventures Max Ventures Max Ventures
Investment Holdings Investment Holdings Investment Holdings
Private Limited Private Limited and SKA Private Limited and SKA
Diagnostic Private Diagnostic Private
Limited Limited
Whether the encumbrance is relating to any debt instruments viz. debenture, No No No
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
Security Cover / Asset Value of shares on the date of event / agreement (A) 17,16,43,46,354 1,25,49,55,000 77,22,80,000
Cover Amount involved (against which shares have been encumbered) (B) 45,00,00,000 1,23,94,00,000 73,28,43,750
Ratio of A / B 38.14 1.01 1.05
End use of money Borrowed amount to be utilized for what purpose – Personal use by Personal use by Personal use by
(a) Personal use by promoters and PACs promoters and PACs promoters and PACs promoters and PACs
(b) For the benefit of listed company
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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