Max India Limited — Capital/Financing Update 2024

Jan 25, 2024

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Date: January 25, 2024

To To, BSE Limited, National Stock Exchange of India Ltd. , Phiroze Jeejeebhoy Towers, Exchange Plaza, C-1 Block G, Dalal Street, Fort, Bandra Kurla Complex Bandra [E], Mumbai - 400 001 Mumbai – 400051 Scrip Code: 543223 SYMBOL: MAXIND

Sub: Intimation under regulation 30(2) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“Listing Regulations”)

Dear Sir/Madam,

The Company, through its wholly owned subsidiary (a non-material Subsidiary Company) viz. Max Ateev Limited (“Max Ateev”) holds 20% of the equity share capital of Forum I Aviation Private Limited (Forum I) which is primarily engaged in the business of operating, maintaining and chartering of aircrafts.

Max Ateev has agreed to sell its entire stake held in Forum I, comprising 74,87,251 (Seventy Four Lakhs Eighty Seven Thousand Two Hundred Fifty One) fully paid up equity shares of face value of Rs. 10/- each for an aggregate consideration of approximately Rs. 8.04 crores and has executed a Share Sale and Purchase Agreement in this regard.

The details required under Regulation 30 read with Part A of Schedule III of the Listing Regulations and SEBI circular no SEBI/HO/CFD/CFD-PoD-1/P/CIR/2023/123 dated July 13, 2023, are enclosed herewith as ‘Annexure-A’.

You are requested to take the aforesaid on record.

For Max India Limited

Digitally signed by PANKAJ CHAWLA PANKAJ DN: c=IN, o=Personal, postalCode=110018, st=Delhi, serialNumber=08D508536019FACCBB5C8 CD933F9F092A6830DB99444E3AEE02AFFE E22EB4FC7, cn=PANKAJ CHAWLA CHAWLA Date: 2024.01.25 19:08:09 +05'30' Pankaj Chawla Company Secretary

Encl: as above

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ANNEXURE A

DISCLOSURE OF THE SALE OR DISPOSAL OF UNIT(S) OR DIVISION (S), WHOLE OR SUBSTANTIALLY THE WHOLE OF THE UNDERTAKING(S) OR SUBSIDIARY OF THE LISTED ENTITY, SALE OF STAKE IN THE ASSOCIATE COMPANY OF THE LISTED ENTITY, IN TERMS OF REGULATION 30 READ WITH PART A OF SCHEDULE III OF THE LISTING REGULATIONS AND SEBI CIRCULAR NO. SEBI/HO/CFD/CFD-PoD1/P/CIR/2023/123 DATED JULY 13, 2023

SI. No.	Particulars	Details
1	The amount and percentage of the turnover or revenue or income and net worth contributed by such unit or division or undertaking or subsidiary or associate company of the listed entity during the last financial year;	For the FY 2022-23, Forum I contributed a loss of ₹ 1.17 Cr. in the Consolidated total Comprehensive Loss of the Company, which is 11.65% of the Consolidated total comprehensive Loss of the Company. As on March 31, 2023, the Forum I net worth attributable to the Company was ₹ 8.38 crores, which is 1.55% of the Consolidated net worth of the Company. .
2	Date on which the agreement for sale has been entered into;	The Share Sale and Purchase Agreement has been executed by Max Ateev on January 25, 2024.
3	The expected date of completion of sale/disposal;	The transfer of shares to the Buyers will happen in 3 tranches and the whole divestment is expected to be completed within this financial year.
4	Consideration received from such sale/disposal;	The consideration amounting approximately ₹ 8.04 crores will be received in traches along with transfer of shares to the Buyers.
5	Brief details of buyers and whether any of the buyers belong to the promoter/ promoter group/ group companies. If yes, details thereof;	As per the Share Sale and Purchase Agreement executed by Max Ateev on January 25, 2024, the other JV partners of Forum I shall acquire equity stake held by Max Ateev as per the table provided. Sl. No. Name of Buyer Number of Sale Shares to be transferred to each Buyer Consideration to be paid by each Buyer (in INR)

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1 Jubilant 2495750 2,68,10,544
Infrastructure
Limited
2 National 2495750 2,68,10,544
Engineering
Industries
Limited
3 Northern 2495751 2,68,10,555
Aromatics
Private
Limited
Total 74,87,251 8,04,31,643
None of the buyers belongs to promoter/ promotor group /
group companies.
6 Whether the The transaction is not a related party transaction.
transaction would fall
within related party
transactions? If yes,
whether the same is
“ ”
done at arms-length ;
7 Whether the sale, Not Applicable
lease or disposal of the
undertaking is outside The transaction is of sale of shares of an associate company
Scheme of of a non-material subsidiary Company and not that of the
Arrangement? If yes, Company, hence regulation 37A of the Listing Regulations is
details of the same not applicable.
including compliance
with regulation 37A of
LODR Regulations.
8 Additionally in case of The sale is not a slump sale.
a slump sale, indicative
disclosures provided
for amalgamation/
merger, shall be
disclosed by the listed
entity with respect to
such slump sale.
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