Max Financial Services Members Approve Share Capital Increase, Fund Raising, and Axis Bank-Related Resolutions via Postal Ballot

Max Financial Services Limited declared the results of its postal ballot on May 10, 2026, with members according their approval to all four resolutions with the requisite majority. The voting was conducted through remote e-voting on the NSDL platform, commencing on April 11, 2026, at 09:00 A.M. (IST) and concluding on May 10, 2026, at 05:00 P.M. (IST). The scrutiny was carried out by Kapil Dev Taneja, Partner of M/s Sanjay Grover & Associates, Company Secretaries, appointed as Scrutinizer by the Board of Directors on March 12, 2026. As on the cut-off date of April 03, 2026, the total paid-up share capital of the Company stood at INR 69,02,29,542/- divided into 34,51,14,771 equity shares of Rs. 2/- each, with 81,214 total shareholders on record.

Key Resolutions Approved

The postal ballot notice dated April 09, 2026, sought member approval on four resolutions spanning share capital restructuring, fund raising, and related party transactions involving Axis Max Life Insurance Limited (AMLI). The following table summarises the resolutions put to vote:

Resolution No. Type Subject 1 Ordinary Resolution Increase in Authorised Share Capital and amendment to Memorandum of Association 2 Special Resolution Raising of funds up to ₹1,600 Crores via equity shares and/or other eligible securities 3 Special Resolution Partial modification of resolution passed on September 27, 2023 regarding arrangements with Axis Bank and its subsidiaries with respect to AMLI 4 Ordinary Resolution Material related party transaction — Axis Bank's subscription of equity shares of AMLI on preferential allotment basis aggregating up to INR 389,00,00,000

Resolution 1: Authorised Share Capital Increase

Members approved the increase in the Company's authorised share capital from Rs. 70,00,00,000/- (divided into 35,00,00,000 equity shares of Rs. 2/- each) to Rs. 75,00,00,000/- (divided into 37,50,00,000 equity shares of Rs. 2/- each), through the creation of an additional 2,50,00,000 equity shares of Rs. 2/- each. Clause V of the Memorandum of Association was also amended accordingly. The resolution received overwhelming support, as detailed below:

Particulars No. of Valid Votes Percentage Assent 30,55,10,112 99.9991% Dissent 2,782 0.0009% Total 30,55,12,894 100%

Resolution 2: Fund Raising Approval

Members approved the Board's authority to raise funds aggregating up to ₹1,600 Crores (Rupees One Thousand Six Hundred Crores Only) in one or more tranches through issuance of equity shares and/or other eligible securities, including by way of Qualified Institutions Placement (QIP) in accordance with SEBI ICDR Regulations. Key conditions attached to the QIP framework include:

Allotment to be completed within 365 days from the date of passing of the special resolution

A minimum of 10% of eligible securities to be allotted to Mutual Funds

No single allottee to be allotted more than 50% of the issue size

Eligible securities not to be sold by the allottee for a period of 1 year from the date of allotment, except on a recognised stock exchange

The tenure of convertible or exchangeable eligible securities shall not exceed 60 months from the date of allotment

A credit rating agency registered with SEBI to monitor use of proceeds on a quarterly basis until 100% utilisation

The voting outcome for this special resolution was as follows:

Particulars No. of Valid Votes Percentage Assent 30,55,05,767 99.9978% Dissent 6,801 0.0022% Total 30,55,12,568 100%

Resolutions 3 & 4: Axis Bank and AMLI Transactions

Resolution 3 sought partial modification of an earlier resolution passed on September 27, 2023, pertaining to the terms and conditions of arrangements with Axis Bank and its subsidiaries with respect to AMLI. Members approved Axis Bank Limited's subscription of up to 2,50,56,200 equity shares of Rs. 10/- each, constituting 0.98% of the equity share capital of AMLI, on a preferential allotment basis for consideration aggregating to INR 389 Crores, thereby increasing Axis Bank's aggregate shareholding in AMLI up to 19.99% of the paid-up equity share capital of AMLI.

Resolution 4 addressed the material related party transaction between AMLI and Axis Bank Limited for the same preferential allotment, aggregating up to INR 389,00,00,000 (Rupees Three Hundred Eight Nine Crores). The promoter/promoter group was noted as interested in Resolution 4 and accordingly did not participate in voting on that resolution. The voting outcomes for both resolutions are presented below:

Particulars Resolution 3 — Votes Resolution 3 — % Resolution 4 — Votes Resolution 4 — % Assent 22,55,46,859 98.0406% 22,12,13,003 98.0034% Dissent 45,07,621 1.9594% 45,06,729 1.9966% Total 23,00,54,480 100% 22,57,19,732 100%

Voting Process and Compliance

The Postal Ballot Notice, along with the explanatory statement and remote e-voting instructions, was dispatched to all members whose email addresses were registered as on the cut-off date of April 03, 2026. An advertisement was published on April 11, 2026, in the English newspaper Business Standard (all editions) and the vernacular newspaper Desh Sewak (Chandigarh edition). The e-voting was unblocked on May 10, 2026, after 05:00 P.M. (IST) in the presence of two independent witnesses. The Scrutinizer's Report was issued by M/s Sanjay Grover & Associates on May 10, 2026, and the results were countersigned by Siddhi Suneja, Company Secretary & Compliance Officer, Max Financial Services Limited.

Max Financial Services has informed the stock exchanges that the earnings conference call for Q4 FY26, originally scheduled for Wednesday, May 13, 2026, at 9:00 a.m. IST, will not be held as previously announced. The update was filed under Regulation 30, Part A of Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and was signed by Company Secretary and Compliance Officer Siddhi Suneja on May 10, 2026.

Cancellation of Q4 FY26 Earnings Call

The company had initially intimated the exchanges on May 04, 2026, regarding the earnings call for the quarter ended March 31, 2026. The latest communication supersedes that earlier disclosure, confirming that the call will not proceed as indicated. Max Financial Services stated that it remains committed to fair and transparent communication and will continue to follow due disclosure processes for further investor and analyst engagement.

Parameter: Details Originally Scheduled Date: Wednesday, May 13, 2026 Originally Scheduled Time: 9:00 a.m. IST Cancellation Intimation Date: May 10, 2026 Regulatory Reference: Regulation 30, SEBI LODR Regulations, 2015 Signed By: Siddhi Suneja, Company Secretary & Compliance Officer

About Max Financial Services

Max Financial Services Limited, a part of the US$ 6 billion Max Group, is the parent company of Axis Max Life Insurance Limited (AMLI). The company owns and actively manages an 80.98% majority stake in AMLI, making it India's first listed company focused exclusively on life insurance. AMLI operates as a joint venture with Axis Bank, India's third-largest private sector bank. The company's corporate office is located at Max Towers, Sector-16B, Noida, with its registered office in Gurugram, Haryana.

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