Max Financial Services Limited has announced a key board change at its material subsidiary Axis Max Life Insurance Limited, appointing a new Independent Director as part of its governance structure.

Director Appointment Details

The Board of Directors of Axis Max Life Insurance Limited approved the appointment of Mr. Sanjay Vij (DIN: 09460669) as an Additional Director in the Independent category during their meeting held on April 2, 2026. The appointment details are structured as follows:

Leadership Transition

Mr. Vij's appointment comes as Mr. Rajesh Khanna (DIN: 00032562) retires from his position as Independent Director of Axis Max Life Insurance. Mr. Khanna will complete his tenure at the end of April 5, 2026, as previously communicated to the exchange on February 12, 2026.

Professional Background

Mr. Sanjay Vij brings substantial experience from the life insurance sector to his new role. His career highlights include:

• Digit Life: Served as Deputy CEO
• Exide Life: Held position of Executive Director and Principal Officer
• HDFC Life: Worked from 2001 to 2021 in various capacities, with his final role being Group Head - Bancassurance and Chief Values Officer

Prior to his insurance career, Mr. Vij gained experience across multiple industries with companies including HCL Limited, Blue Star, Core Parenterals Ltd., Span Medicals Limited, and Birla AT&T Communications Limited.

Educational Qualifications

Mr. Vij holds strong academic credentials that complement his professional experience:

• Bachelor's Degree in Science from Gujarat Agriculture University
• Master's Degree in Business Administration from the Faculty of Management Studies, MS University of Baroda

Regulatory Compliance

The appointment has been made in compliance with SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Max Financial Services has confirmed that Mr. Vij is not debarred from holding the office of Director by SEBI or any other regulatory authority. The disclosure was filed under Regulation 30 of SEBI LODR for the parent company and Regulation 51 for the subsidiary.

The appointment will be subject to regularization by shareholders at Axis Max Life Insurance's upcoming Annual General Meeting, following standard corporate governance procedures.

Max Financial Services Limited has disclosed that the Board of Directors of Axis Max Life Insurance Limited has approved a significant capital infusion proposal. The board considered raising funds through the issuance of equity shares to Axis Bank Limited for an aggregate investment of up to Rs. 389 crores.

Transaction Details

The proposed equity issuance involves specific financial parameters and shareholding arrangements. Axis Max Life will issue equity shares of Rs. 10 each to Axis Bank Limited, with the transaction structured as a preferential allotment in accordance with applicable laws including Sections 42 and 62 of the Companies Act, 2013.

Shareholding Structure Post-Transaction

Upon completion of the proposed infusion, the shareholding pattern of Axis Max Life will undergo changes. Axis Bank, along with Axis Capital Limited and Axis Securities Limited, will collectively hold 19.99% of the equity share capital, while Max Financial Services Limited's shareholding will be approximately 80.01%.

Regulatory and Strategic Context

The transaction aligns with existing agreements among the company stakeholders, including Max Financial Services Limited, Axis Bank, and other shareholders. Under these agreements, Axis Shareholders have the right to purchase equity shares equivalent to 0.98% of Axis Max Life's equity share capital to maintain their holding up to 19.99%. Axis Bank has received the requisite approval from the Reserve Bank of India for this capital infusion.

Approvals and Next Steps

The proposed infusion is subject to approval from the shareholders of Axis Max Life and all other necessary corporate approvals. The fair market value of the shares has been determined by Registered Valuers and Category 1 Merchant Bankers using the discounted cash flow method as per extant regulations. This capital infusion will help Axis Max Life meet its funding requirements to support future growth initiatives.