Declaration of Postal Ballot Results with respect to Postal Ballot Notice dated April 9, 2026
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Max Financial Services Limited announced that shareholders have approved four resolutions via postal ballot with overwhelming majority (98-100%). The company received approval to: (1) increase authorised share capital from Rs. 70 crores to Rs. 75 crores by creating 2.5 crore additional equity shares; (2) raise funds up to Rs. 1,600 crores through issuance of equity shares and/or other securities via QIP or other methods in one or more tranches; (3) partially modify the September 2023 resolution regarding Axis Max Life Insurance Limited (AMLI) arrangements with Axis Bank; and (4) approve a material related party transaction where Axis Bank will subscribe to equity shares of AMLI worth Rs. 389 crores via preferential allotment, increasing Axis Bank's stake in AMLI to 19.99%. All resolutions passed with over 98% shareholder approval except Resolutions 1 and 2 which passed with nearly 100% assent.
The approvals enable Max Financial to pursue fund-raising opportunities and strengthen its insurance subsidiary AMLI's association with Axis Bank. The Rs. 389 crore preferential allotment to Axis Bank is a positive signal for AMLI's growth prospects. Shareholders should note dilution risk from the proposed Rs. 1,600 crore capital raise.