AI assistant
Max India Limited — Capital/Financing Update 2026
May 14, 2026
59500_rns_2026-05-14_f9d65102-c4a6-4b21-9612-e28ea3d4f127.pdf
Capital/Financing Update
Open in viewerOpens in your device viewer
MAXINDIA LIMITED
May 14, 2026
Listing Department
BSE Limited
Phiroze Jeejeebhoy Towers
Dalal Street Mumbai – 400 001
Script Code: 543223
Listing Department
National Stock Exchange of India Limited
Exchange Plaza, Bandra Kurla Complex,
Bandra (East) Mumbai – 400051
Name of Scrip: MAXIND
Dear Sir/Madam,
Sub: Monitoring Agency Report under Regulation 32 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.
Pursuant to Regulation 32(6) of the Securities and Exchange Board of India (“SEBI”) (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“Listing Regulations”) read with Regulation 82 of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, we have enclosed herewith Monitoring Agency Report for the quarter ended March 31, 2026, issued by CARE Ratings Limited (“Monitoring Agency”), in respect of the utilization of proceeds raised through Rights Issue by the Company.
The aforesaid Monitoring Agency Report has been reviewed by the Audit Committee and by the Board of Directors of the Company.
You are requested to kindly take the aforesaid on record.
Thanking you,
Yours faithfully,
For Max India Limited
TRAPTI
Digitally signed by TRAPTI
Date: 2026.05.14
21:52:29 +05'30'
Trapti
Company Secretary & Compliance Officer
Encl.: As above
MAX INDIA LIMITED
CIN: L74999DL2019PLC464953
Corporate Office: Landmark House, 3rd Floor, Plot No. 65, Sector-44, Gurgaon - 122003, Haryana | www.maxindia.com
Regd. Office: Max House, 1, Dr. Jha Marg, Okhla, New Delhi, India – 110020
Careedge RATINGS
No. CARE/NRO/GEN/2026-27/1041
The Board of Directors
Max India Limited
Landmark House, 3rd Floor
Plot No. 65, Sec-44
Gurgaon-122 003
May 14, 2026
Dear Sir/Ma’am,
Monitoring Agency Report for the quarter ended March 31, 2026 - in relation to the Rights issue of Max India Limited ("the Company")
We write in our capacity of Monitoring Agency for the Rights Issue for the amount aggregating to Rs. 124.23 crore of the Company and refer to our duties cast under regulation 82 of the Securities & Exchange Board of India (Issue of Capital & Disclosure Requirements) Regulations.
In this connection, we are enclosing the Monitoring Agency Report for the quarter ended March 31, 2026, as per aforesaid SEBI Regulations and Monitoring Agency Agreement dated April 25, 2025.
Request you to kindly take the same on records.
Thanking you,
Yours faithfully,
Sahil Goyal
Assistant Director
[email protected]
CARE Ratings Limited
9th floor, C-001/A2, Berger Towers, Sector 16B, Noida,
Gautam Budh Nagar, Uttar Pradesh -201301
Phone: +91-120-4452000
4th Floor, Godrej Coliseum, Somaiya Hospital Road, Off
Eastern Express Highway, Sion (East), Mumbai - 400 022
Phone: +91-22-6754 3456
Email: [email protected] • www.careedge.in
CIN-L67190MH1993PLC071691
Careedge RATINGS
Report of the Monitoring Agency
Name of the issuer: Max India Ltd
For quarter ended: March 31, 2026
Name of the Monitoring Agency: CARE Ratings Limited
(a) Deviation from the objects: No deviation
(b) Range of Deviation: Not Applicable
Declaration:
We declare that this report provides an objective view of the utilization of the issue proceeds in relation to the objects of the issue based on the information provided by the Issuer and information obtained from sources believed by it to be accurate and reliable. The MA does not perform an audit and undertakes no independent verification of any information/ certifications/ statements it receives. This Report is not intended to create any legally binding obligations on the MA which accepts no responsibility, whatsoever, for loss or damage from the use of the said information. The views and opinions expressed herein do not constitute the opinion of MA to deal in any security of the Issuer in any manner whatsoever. Nothing mentioned in this report is intended to or should be construed as creating a fiduciary relationship between the MA and any issuer or between the agency and any user of this report. The MA and its affiliates also do not act as an expert as defined under Section 2(38) of the Companies Act, 2013.
The MA or its affiliates may have credit rating or other commercial transactions with the entity to which the report pertains and may receive separate compensation for its ratings and certain credit related analyses. We confirm that there is no conflict of interest in such relationship/interest while monitoring and reporting the utilization of the issue proceeds by the issuer, or while undertaking credit rating or other commercial transactions with the entity.
We have submitted the report herewith in line with the format prescribed by SEBI, capturing our comments, where applicable. There are certain sections of the report under the title "Comments of the Board of Directors", that shall be captured by the Issuer's Management / Audit Committee of the Board of Directors subsequent to the MA submitting their report to the issuer and before dissemination of the report through stock exchanges. These sections have not been reviewed by the MA, and the MA takes no responsibility for such comments of the issuer's Management/Board.
Sahil Goyal
Signature:
Name and designation of the Authorized Signatory: Sahil Goyal
Designation of Authorized person/Signing Authority: Assistant Director
CARE Ratings Limited
9th floor, C-001/A2, Berger Towers, Sector 16B, Noida,
Gautam Budh Nagar, Uttar Pradesh -201301
Phone: +91-120-4452000
4th Floor, Godrej Coliseum, Somaiya Hospital Road, Off
Eastern Express Highway, Sion (East), Mumbai - 400 022
Phone: +91-22-6754 3456
Email: [email protected] • www.careedge.in
CIN-L67190MH1993PLC071691
Careedge
RATINGS
1) Issuer Details:
Name of the issuer : Max India Ltd
Name of the promoter : Max Ventures Investment Holdings Pvt. Ltd. (40.89%), Siva Finvest Private Limited (6.81%), Others (2.13%)
Industry/sector to which it belongs : Holding Company
2) Issue Details
Issue Period : May 07, 2025 to May 22, 2025
Type of issue (public/rights) : Rights Issue
Type of specified securities : Equity shares
IPO Grading, if any : NA
Issue size (in crore) : Rs. 124.23 crore
3) Details of the arrangement made to ensure the monitoring of issue proceeds:
| Particulars | Reply | Source of information / certifications considered by Monitoring Agency for preparation of report | Comments of the Monitoring Agency | Comments of the Board of Directors |
|---|---|---|---|---|
| Whether all utilization is as per the disclosures in the Offer Document? | Yes | Letter of Offer dated April 25, 2025 (LOF), CA Certificate*, Management Utilisation Certificate and Bank statements | During Q4FY26, the company utilized Rs. 21.61 crores towards the objects of the issue | No Comments |
| Whether shareholder approval has been obtained in case of material deviations# from expenditures disclosed in the Offer Document? | Not Applicable | Management Utilisation Certificate | Not Applicable | No Comments |
| Whether the means of finance for the disclosed objects of the issue have changed? | No | Management Utilisation Certificate | Nil | No Comments |
| Is there any major deviation observed over the earlier monitoring agency reports? | No | Management Utilisation Certificate | No deviation over the last monitoring agency report | No Comments |
| Whether all Government/statutory approvals related to the object(s) have been obtained? | Not Applicable | Management Utilisation Certificate | Nil | No Comments |
| Whether all arrangements pertaining to technical assistance/collaboration are in operation? | Not Applicable | Management Utilisation Certificate | Nil | No Comments |
| Are there any favorable/unfavorable events affecting the viability of these object(s)? | No | Management Utilisation Certificate | Nil | No Comments |
CARE Ratings Limited
9th floor, C-001/A2, Berger Towers, Sector 16B, Noida,
Gautam Budh Nagar, Uttar Pradesh -201301
Phone: +91-120-4452000
4th Floor, Godrej Coliseum, Somaiya Hospital Road, Off Eastern Express Highway, Sion (East), Mumbai -
400 022
Phone: +91-22-6754 3456
Email: [email protected] • www.careedge.in
CIN-L67190MH1993PLC071691
Careedge
RATINGS
| Particulars | Reply | Source of information / certifications considered by Monitoring Agency for preparation of report | Comments of the Monitoring Agency | Comments of the Board of Directors |
|---|---|---|---|---|
| Is there any other relevant information that may materially affect the decision making of the investors? | No | Management Utilisation Certificate | The company has incurred loss (after tax) of Rs. 140 crores in FY25 and Rs. 103 crores in 9MFY26. | No Comments |
*CA Certificate from M/S Ravi Rajan & Co LLP, dated May 6, 2026
Where material deviation may be defined to mean:
a) Deviation in the objects or purposes for which the funds have been raised
b) Deviation in the amount of funds actually utilized by more than 10% of the amount projected in the offer documents.
4) Details of objects to be monitored:
(i) Cost of objects -
| Sr. No | Item Head | Source of information / certifications considered by Monitoring Agency for preparation of report | Original cost (as per the Offer Document) in Rs. Crore | Revised Cost in Rs. Crore | Comments of the Monitoring Agency | Comments of the Board of Directors | ||
|---|---|---|---|---|---|---|---|---|
| Reason for cost revision | Proposed financing option | Particulars of - firm arrangements made | ||||||
| 1 | Investment in AACSL for funding its branding and marketing activities | LOF, Bank Statements, CA Certificate* and Management Utilisation Certificate | 65.00 | Not Applicable | No comments | No Comments | No Comments | No Comments |
| 2 | Investment in AACSL for funding its working capital requirements | LOF, Bank Statements, CA Certificate* and Management Utilisation Certificate | 35.00 | Not Applicable | No comments | No Comments | No Comments | No Comments |
| 3 | General corporate purposes | LOF, Bank Statements, CA Certificate* and Management Utilisation Certificate | 21.00 | Not Applicable | No comments | No Comments | No Comments | No Comments |
| 4 | Issue related expenses | LOF, Bank Statements, CA Certificate* and Management Utilisation Certificate | 3.23 | Not Applicable | No comments | No Comments | No Comments | No Comments |
| Total | 124.23 |
*CA Certificate from M/S Ravi Rajan & Co LLP, dated May 6, 2026
CARE Ratings Limited
9th floor, C-001/A2, Berger Towers, Sector 16B, Noida,
Gautam Budh Nagar, Uttar Pradesh -201301
Phone: +91-120-4452000
4th Floor, Godrej Coliseum, Somaiya Hospital Road, Off Eastern Express Highway, Sion (East), Mumbai - 400 022
Phone: +91-22-6754 3456
Email: [email protected] • www.careedge.in
CIN-L67190MH1993PLC071691
Careedge
RATINGS
(ii) Progress in the objects –
| Sr. No | Item Head | Source of information / certifications considered by Monitoring Agency for preparation of report | Amount as proposed in the Offer Document in Rs. Crore | Amount utilised in Rs. Crore | Total unutilised amount in Rs. crore | Comments of the Monitoring Agency | Comments of the Board of Directors | |||
|---|---|---|---|---|---|---|---|---|---|---|
| As at beginning of the quarter in Rs. Crore | During the quarter in Rs. Crore | At the end of the quarter in Rs. Crore | Reasons for idle funds | Proposed course of action | ||||||
| 1 | Investment in AACSL for funding its branding and marketing activities | LOF, Bank Statements, CA Certificate* and Management Utilisation Certificate | 65.00 | 26.35 | 15.65 | 42.00 | 23.00 | During Q4FY26, the company transferred Rs. 15.65 crores from the monitoring account to AACSL’s current account which have been incurred towards conducting marketing campaigns, content creation for UGC videos and other branding and marketing activities. | No Comments | No Comments |
| 2 | Investment in AACSL for funding its working capital requirements | LOF, Bank Statements, CA Certificate* and Management Utilisation Certificate | 35.00 | 26.83 | - | 26.83 | 8.17 | Nil Utilisation during the quarter | No Comments | No Comments |
| 3 | General corporate purposes | LOF, Bank Statements, CA Certificate* and Management Utilisation Certificate | 21.00 | 3.78 | 5.92 | 9.70 | 11.30 | The company incurred Rs. 5.49 crores from its current accounts and reimbursed the same from its monitoring account and transferred additional Rs. 0.43 crores from monitoring account to its current accounts for utilisation during the quarter towards the stated objects, in accordance with the Board resolution dated November 13, 2025. | No Comments | No Comments |
| 4 | Issue related expenses | LOF, Bank Statements, CA Certificate* and Management Utilisation Certificate | 3.23 | 2.34 | 0.04 | 2.38 | 0.85 | The company utilised Rs. 0.04 crores towards rights issue expenses for the payment to monitoring agency and other issue related expenses. | No Comments | No Comments |
| Total | 124.23 | 59.30 | 21.61 | 80.91 | 43.32 |
CARE Ratings Limited
9th floor, C-001/A2, Berger Towers, Sector 16B, Noida,
Gautam Budh Nagar, Uttar Pradesh -201301
Phone: +91-120-4452000
CIN-L67190MH1993PLC071691
4th Floor, Godrej Coliseum, Somaiya Hospital Road, Off Eastern Express Highway, Sion (East), Mumbai -
400 022
Phone: +91-22-6754 3456
Email: [email protected] • www.careedge.in
Careedge
RATINGS
*CA Certificate from M/S Ravi Rajan & Co LLP, dated May 6, 2026
(iii) Deployment of unutilized proceeds:
| S. No. | Type of instrument and name of the entity invested in | Amount invested | Maturity date | Earning | Return on Investment (%) | Market Value as at the end of quarter |
|---|---|---|---|---|---|---|
| 1 | Fixed Deposit - AU Small Finance Bank Limited | 5.00 | 29-May-26 | NA | 8% | NA |
| 2 | Fixed Deposit - AU Small Finance Bank Limited | 3.00 | 07-Apr-26 | NA | 6% | NA |
| 3 | Fixed Deposit - AU Small Finance Bank Limited | 3.02 | 09-Jun-26 | NA | 6% | NA |
| 4 | Fixed Deposit - AU Small Finance Bank Limited | 0.14 | 15-May-26 | NA | 5% | NA |
| 5 | Fixed Deposit - AU Small Finance Bank Limited | 0.17 | 30-Jun-26 | NA | 5% | NA |
| 6 | Fixed Deposit - HDFC Bank Limited | 0.49 | 21-Apr-26 | NA | 3% | NA |
| 7 | Fixed Deposit - HDFC Bank Limited | 4.31 | 07-Jul-26 | NA | 6% | NA |
| 8 | Fixed Deposit - IDFC First Bank Limited | 4.00 | 05-May-26 | NA | 6% | NA |
| 9 | Fixed Deposit - IDFC First Bank Limited | 1.00 | 16-Jun-26 | NA | 5% | NA |
| 10 | Fixed Deposit - IDFC First Bank Limited | 4.20 | 30-Jun-26 | NA | 7% | NA |
| 11 | Fixed Deposit - Kotak Mahindra Bank Limited | 10.00 | 15-May-26 | NA | 7% | NA |
| 12 | Fixed Deposit - Kotak Mahindra Bank Limited | 1.75 | 24-Feb-27 | NA | 7% | NA |
| 13 | Fixed Deposit - Yes Bank Limited | 4.00 | 15-Apr-26 | NA | 7% | NA |
| 14 | Fixed Deposit - Yes Bank Limited | 5.00 | 29-Apr-26 | NA | 7% | NA |
| 15 | Balance in Max India Limited - Monitoring Account balance (Yes Bank A/c No.: 000381400006792) | 0.00* | - | NA | - | NA |
| 16 | Balance in AACSL - (Axis Bank A/c No.: 925020023546446) | 0.00^ | - | NA | - | NA |
| Subtotal | 46.08 | |||||
| Less: Interest on FD | 2.75 |
CARE Ratings Limited
9th floor, C-001/A2, Berger Towers, Sector 16B, Noida,
Gautam Budh Nagar, Uttar Pradesh -201301
Phone: +91-120-4452000
CIN-L67190MH1993PLC071691
4th Floor, Godrej Coliseum, Somaiya Hospital Road, Off Eastern Express Highway, Sion (East), Mumbai -
400 022
Phone: +91-22-6754 3456
Email: [email protected] • www.careedge.in
Careedge
RATINGS
| S. No. | Type of instrument and name of the entity invested in | Amount invested | Maturity date | Earning | Return on Investment (%) | Market Value as at the end of quarter |
|---|---|---|---|---|---|---|
| Total | 43.32 |
*Rs. 17,440 only
^ Rs. 38,063 only
(iv) Delay in implementation of the object(s) –
| Objects | Completion Date | Delay (no. of days/months) | Comments of the Board of Directors | ||
|---|---|---|---|---|---|
| As per the offer document | Actual | Reason of delay | Proposed course of action | ||
| Investment in our wholly owned Subsidiary, Antara Assisted Care Services Limited, for funding its branding and marketing activities | March 31, 2027 | Ongoing | Nil | No Comments | No Comments |
| Investment in our wholly owned Subsidiary, Antara Assisted Care Services Limited, for funding its working capital requirements | March 31, 2027 | Ongoing | Nil | No Comments | No Comments |
| General corporate purposes | March 31, 2027 | Ongoing | Refer Note below | No Comments | No Comments |
Note: The schedule of implementation as per the LOF and the actual deployment in FY26 are as follows:
| Particulars | Amount to be funded from the Net Proceeds (Rs. Crore) | Estimated deployment in Fiscal 2026 (Rs. Crore) | Estimated deployment in Fiscal 2027 (Rs. Crore) | Actual deployment in Fiscal 2026 (Rs. Crore) |
|---|---|---|---|---|
| Investment in our wholly owned Subsidiary, Antara Assisted Care Services Limited, for funding its branding and marketing activities | 65 | 54 | 11 | 42 |
CARE Ratings Limited
9th floor, C-001/A2, Berger Towers, Sector 16B, Noida,
Gautam Budh Nagar, Uttar Pradesh -201301
Phone: +91-120-4452000
4th Floor, Godrej Coliseum, Somaiya Hospital Road, Off Eastern Express Highway, Sion (East), Mumbai - 400 022
Phone: +91-22-6754 3456
Email: [email protected] • www.careedge.in
CIN-L67190MH1993PLC071691
Careedge
RATINGS
The LOF further provides “However, if the Net Proceeds are not completely utilised for the Objects in the respective Fiscals due to various factors beyond our control, such as market conditions, economic and business considerations, business and other commercial considerations, etc., the remaining Net Proceeds would be utilised (in part or full) in subsequent Fiscals, subject to applicable law.” In accordance with the same, the company expects to utilise the remaining amount towards General Corporate Purposes in next fiscal year.
5) Details of utilization of proceeds stated as General Corporate Purpose (GCP) amount in the offer document:
| Sr. No | Item Head^ | Amount in Rs. Crore | Source of information / certifications considered by Monitoring Agency for preparation of report | Comments of Monitoring Agency | Comments of the Board of Directors |
|---|---|---|---|---|---|
| 1 | Employees Benefit Expense | 3.61 | LOF, Bank Statements, CA Certificate* and Management Utilisation Certificate | Refer Note Below | No Comments |
| 2 | Legal and professional | 0.89 | LOF, Bank Statements, CA Certificate* and Management Utilisation Certificate | Refer Note Below | No Comments |
| 3 | Rent | 0.58 | LOF, Bank Statements, CA Certificate* and Management Utilisation Certificate | Refer Note Below | No Comments |
| 4 | Manpower (Outsourcing) | 0.14 | LOF, Bank Statements, CA Certificate* and Management Utilisation Certificate | Refer Note Below | No Comments |
| 5 | Advertisement & Publicity | 0.13 | LOF, Bank Statements, CA Certificate* and Management Utilisation Certificate | Refer Note Below | No Comments |
| 6 | Travelling and conveyance | 0.12 | LOF, Bank Statements, CA Certificate* and Management Utilisation Certificate | Refer Note Below | No Comments |
| 7 | Repairs and maintenance | 0.11 | LOF, Bank Statements, CA Certificate* and Management Utilisation Certificate | Refer Note Below | No Comments |
| 8 | Meeting Expenses | 0.10 | LOF, Bank Statements, CA Certificate* and Management Utilisation Certificate | Refer Note Below | No Comments |
| 9 | Auditor's remuneration | 0.09 | LOF, Bank Statements, CA Certificate* and Management Utilisation Certificate | Refer Note Below | No Comments |
| 10 | Software Expenses | 0.06 | LOF, Bank Statements, CA Certificate* and Management Utilisation Certificate | Refer Note Below | No Comments |
| 11 | Communication & Printing and Stationery | 0.05 | LOF, Bank Statements, CA Certificate* and Management Utilisation Certificate | Refer Note Below | No Comments |
| 12 | Electricity and Water | 0.04 | LOF, Bank Statements, CA Certificate* and Management Utilisation Certificate | Refer Note Below | No Comments |
| Total | 5.92 |
*CA Certificate from M/S Ravi Rajan & Co LLP, dated May 6, 2026
^ Section from the prospectus related to GCP:
CARE Ratings Limited
9th floor, C-001/A2, Berger Towers, Sector 16B, Noida,
Gautam Budh Nagar, Uttar Pradesh -201301
Phone: +91-120-4452000
CIN-L67190MH1993PLC071691
4th Floor, Godrej Coliseum, Somaiya Hospital Road, Off Eastern Express Highway, Sion (East), Mumbai -
400 022
Phone: +91-22-6754 3456
Email: [email protected] • www.careedge.in
Careedge
RATINGS
"The general corporate purposes for which our Company proposes to utilize the Net Proceeds include payment of lease expenses, payments of fees to consultants and advisors, employee's salaries and related expenses, and meeting exigencies and other administrative expenses, as may be approved by the Board or a duly constituted committee thereof from time to time, subject to compliance with applicable law."
Note: The board of directors in their meeting held on November 13, 2025, passed a resolution approving the utilisation of funds for the aforesaid purposes under General Corporate Purposes
CARE Ratings Limited
9th floor, C-001/A2, Berger Towers, Sector 16B, Noida,
Gautam Budh Nagar, Uttar Pradesh -201301
Phone: +91-120-4452000
4th Floor, Godrej Coliseum, Somaiya Hospital Road, Off Eastern Express Highway, Sion (East), Mumbai - 400 022
Phone: +91-22-6754 3456
Email: [email protected] • www.careedge.in
CIN-L67190MH1993PLC071691
Careedge RATINGS
Disclaimers to MA report:
a) This Report is prepared by CARE Ratings Ltd (hereinafter referred to as “Monitoring Agency/MA”). The MA has taken utmost care to ensure accuracy and objectivity while developing this Report based on the information provided by the Issuer and information obtained from sources believed by it to be accurate and reliable. The views and opinions expressed herein do not constitute the opinion of MA to deal in any security of the Issuer in any manner whatsoever.
b) This Report has to be seen in its entirety; the selective review of portions of the Report may lead to inaccurate assessments. For the purpose of this Report, MA has relied upon the information provided by the management /officials/ consultants of the Issuer and third-party sources like statutory auditor appointed by the Issuer believed by it to be accurate and reliable.
c) Nothing contained in this Report is capable or intended to create any legally binding obligations on the MA which accepts no responsibility, whatsoever, for loss or damage from the use of the said information. The MA is also not responsible for any errors in transmission and specifically states that it, or its directors, employees do not have any financial liabilities whatsoever to the users of this Report.
d) The MA and its affiliates do not act as a fiduciary. The MA and its affiliates also do not act as an expert to the extent defined under Section 2(38) of the Companies Act, 2013. While the MA has obtained information from sources it believes to be reliable, it does not perform an audit and undertakes no independent verification of any information/ certifications/ statements it receives from statutory auditor, lawyers, chartered engineers or other experts, and relies on in its reports.
e) The MA or its affiliates may have other commercial transactions with the entity to which the report pertains. As an example, the MA may rate the issuer or any debt instruments / facilities issued or proposed to be issued by the issuer that is subject matter of this report. The MA may receive separate compensation for its ratings and certain credit-related analyses, normally from issuers or underwriters of the instruments, facilities, securities or from obligors.
CARE Ratings Limited
9th floor, C-001/A2, Berger Towers, Sector 16B, Noida,
Gautam Budh Nagar, Uttar Pradesh -201301
Phone: +91-120-4452000
4th Floor, Godrej Coliseum, Somaiya Hospital Road, Off
Eastern Express Highway, Sion (East), Mumbai - 400 022
Phone: +91-22-6754 3456
Email: [email protected] • www.careedge.in
CIN-L67190MH1993PLC071691