Max Financial Services Limited has received comprehensive board approval for its ambitious capital raising plan worth up to ₹2,000 crores through Qualified Institutional Placement (QIP) alongside an increase in authorized share capital. The board meeting held on March 12, 2026, from 1600 hrs to 1625 hrs IST, approved multiple strategic financial initiatives primarily aimed at supporting its material subsidiary Axis Max Life Insurance Limited's business growth and expansion plans.

Board Approval and Fund Raising Framework

The board has approved raising funds through fully paid-up equity shares with face value of ₹2.00 each, other equity-based instruments or securities, executed in one or more tranches. The fund raising will be conducted primarily through QIP in accordance with applicable provisions of the Companies Act 2013 and SEBI (Issue of Capital and Disclosure Requirements) Regulations 2018, subject to necessary governmental, statutory and regulatory approvals including shareholder approval.

Authorized Share Capital Enhancement

The board approved increasing the authorized share capital from ₹70.00 crores to ₹75.00 crores, representing expansion from 35.00 crore equity shares to 37.50 crore equity shares, each maintaining face value of ₹2.00. This capital restructuring requires consequential amendments to clause V of the Memorandum of Association and shareholder approval through postal ballot process along with other necessary regulatory approvals.

Regulatory Compliance and Trading Window

Following the board meeting conclusion, the company announced reopening of trading windows for all designated persons including promoters, directors, key managerial personnel, designated employees and other connected persons. The trading restrictions implemented from March 7, 2026, will be lifted after 48 hours from stock exchange intimation, effective March 14, 2026, in accordance with the company's insider trading policy and SEBI regulations.

Strategic Impact on Axis Max Life Insurance

The approved ₹2,000 crore fund raising represents significant strategic investment in strengthening Axis Max Life Insurance Limited's market position and operational capabilities. The primary fund utilization focuses on meeting funding requirements of the material subsidiary for supporting business growth and expansion plans, with balance allocated for general corporate purposes. The company has filed detailed disclosures with stock exchanges under Regulation 30 of SEBI Listing Regulations.

Max Financial Services Limited has announced a comprehensive postal ballot process to seek shareholder approval for critical board appointments and remuneration decisions. The company issued a formal notice dated February 11, 2026, outlining two special resolutions that require member consent through remote e-voting.

Key Resolutions for Shareholder Approval

The postal ballot encompasses two interconnected special resolutions that will shape the company's board composition and governance structure.

Independent Director Appointment

The primary resolution seeks approval for appointing Mr. Bharat Anand (DIN: 02806475) as a Non-Executive Independent Director. The Board of Directors, based on the Nomination and Remuneration Committee's recommendation, appointed him as an Additional Director (Independent) effective March 29, 2026.

Remuneration Approval

The second resolution addresses the compensation structure for the newly appointed independent director. Shareholders will vote on approving remuneration of up to Rs. 20,00,000 per annum for Mr. Anand.

Director Profile and Qualifications

Mr. Bharat Anand brings extensive corporate governance and legal expertise to the board. He currently serves as a Partner at Khaitan & Co LLP, Delhi, and holds independent director positions across multiple listed companies including Mankind Pharma Limited, Bharat Serums and Vaccines Limited, JK Paper Limited, Syrma SGS Technology Limited, Sandhar Technologies Limited, and Rockman Industries Limited.

Educational Background:

• Bachelor's Degree in Arts (Economics) from University of Delhi
• Bachelor's Degree in Law (Honours) from Jesus College, University of Cambridge

Professional Recognition:

• Ranked as 'Band 1' lawyer for Corporate/M&A by Chambers & Partners
• Recognized as 'Recommended Lawyer' for Corporate/M&A and Private Equity by Legal 500
• Featured in Asian Legal Business Dealmakers of Asia List for 2025
• Distinguished Practitioner for Private Equity and M&A by IFLR1000

E-Voting Process and Timeline

The company has engaged National Securities Depository Limited (NSDL) to facilitate the remote e-voting process. The voting mechanism ensures comprehensive shareholder participation while maintaining regulatory compliance.

Regulatory Compliance and Documentation

The postal ballot process adheres to multiple regulatory frameworks including Sections 108 and 110 of the Companies Act, 2013, SEBI Listing Regulations, and various MCA circulars. The company has appointed M/s Sanjay Grover & Associates as scrutinizers, with Mr. Kapil Dev Taneja (CP No. 22944) as the primary scrutinizer and Mr. Neeraj Arora (CP No. 10781) as the alternate.

Key Compliance Aspects:

• Electronic dispatch only, following MCA Circular No. 03/2025 dated September 22, 2025
• Voting rights based on shareholding as of cut-off date
• Comprehensive documentation including explanatory statements
• Transparent scrutiny and result declaration process

Financial Context and Strategic Rationale

The company's recent financial performance shows challenges that underscore the importance of strong independent oversight. The standalone financial results indicate total revenue of Rs. 13.60 crore for 9M FY26, with a net loss after tax of Rs. 4.30 crore. The appointment aims to strengthen corporate governance during this critical period.

Shareholders can access the complete postal ballot notice on the company's website at www.maxfinancialservices.com and NSDL's e-voting portal at www.evoting.nsdl.com . The resolutions, if approved by requisite majority, will be deemed passed on March 21, 2026, the last date of the e-voting period.