Max Financial Services Limited has informed the Exchange regarding 'Disclosure under the Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ( SEBI Listing Regulations )'.
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Max Financial Services has informed the exchanges that its material subsidiary, Axis Max Life Insurance, has allotted 80,000 unsecured, subordinated, listed, rated, redeemable, non-cumulative, non-convertible debentures on a private placement basis on September 24, 2025. Each debenture has a face value of INR 1 lakh, taking the total face value to INR 800 crore, with a small premium of INR 12.5 lakh making the total amount received INR 800.125 crore. The debentures carry a coupon of 7.95% per annum, have a 10-year tenor (with a call option exercisable by Axis Max Life from year 5 onwards), and will mature on September 24, 2035, subject to IRDAI regulations. This allotment, combined with the earlier INR 500 crore issue in February 2025, completes the previously approved plan to raise INR 1,300 crore through debentures. The debentures will be listed on NSE upon receiving final listing approval.
This is a routine capital raise by the insurance subsidiary to strengthen its solvency margin and fund growth; it completes the INR 1,300 crore plan announced earlier and is unlikely to have any immediate material impact on Max Financial Services' share price, though it improves the long-term financial health of Axis Max Life.