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September 28, 2026 BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers Exchange Plaza, Bandra Kurla Complex, Dalal Street Bandra (East) Mumbai – 400 021 Mumbai – 400 051 Scrip Code: 500271 Symbol: MFSL Sub: Disclosure under the provisions of Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“SEBI LODR”) regarding Axis Max Life Insurance Limited (“Axis Max Life”), the material subsidiary of the Company Dear Sir/ Madam, In line with the applicable provisions of SEBI LODR, the disclosure made by Axis Max Life to the National Stock Exchange of India Limited (NSE) for intimation regarding the allotment of 68,600 Non-Convertible Debentures, each bearing a face value of INR 1,00,000/- (Indian Rupees One Lakh), for cash, in dematerialized form, to ‘identified investors’ on private placement basis, as approved by the Executive Committee constituted by its Board of Directors and allotted pursuant to a resolution passed today i.e., September 28, 2026, is enclosed as Annexure A for the information of the stock exchanges and for dissemination to the public. You are requested to take the aforesaid on record. Thanking you, Yours faithfully For Max Financial Services Limited Siddhi Suneja Company Secretary & Compliance Officer Encl: as above MAX FINANCIAL SERVICES LIMITED CIN: L24223HR1988PLC145368 Corporate Office: L20M(21), Max Towers, Plot No. C-001/A/1, Sector-16B, Noida- 201301 P: + 91 120 4696000 I Email: investorhelpline@maxfinancialservices.in I Website: www.maxfinancialservices.com Regd. Office: Plot No. 90-C, Sector – 18, Urban Estate, Gurugram, Haryana - 122015 September 28, 2026 National Stock Exchange of India Limited Bandra-Kurla Complex, Bandra (East), Mumbai 400 051 Dear Sir/ Madam, Sub: Intimation of allotment of 68,600 (Sixty Eight Thousand Six Hundred) unsecured, subordinated, listed, rated, redeemable, taxable, non-cumulative, non-convertible debentures INR 1,00,000 (Indian Rupees One Lakh), for cash, in dematerialised form, on a private placement basis in accordance with the SEBI (Issue and Listing of Non-Convertible Securities) Regulations, 2021, IRDAI (Registration, Capital Structure, Transfer of Shares and Amalgamation of Insurers) Regulations, 2024 and other applicable laws (as amended from time to time). Please refer to our disclosure dated August 13, 2026 informing the exchange regarding the approval from the Board of Company 6,86,00,00,000 (Indian Rupees Six Hundred Eighty Six Crore) through the issuance of Debentures in one or more tranches/ series. In continuation thereof, and pursuant to provisions of the Securities and Exchange Board of India (Listing Obligations SEBI Listing Regulations we hereby inform that an Executive Committee appointed by the Board of Directors of the Company, vide a resolution passed today, i.e., on September 28, 2026, has allotted 68,600 Debentures, each bearing a face value of INR 1,00,000 (Indian Rupees One Lakh) for cash, in dematerialised form, to the under 'multiple yield allotment basis' on the electronic bidding platform EBP of NSE. Based on the bidding on the EBP Platform of NSE, the total amount to be received by the Company would be INR 686,00,30,000 (Indian Rupees Six Hundred Eighty Six Crore Thirty Thousand) including a premium of INR 30,000 (Indian Rupees Thirty Thousand) against the issue size of INR 686,00,00,000 (Indian Rupees Six Hundred Eighty Six Crore) (face value). The application for listing of the said 68,600 Debentures on the National Stock Exchange of India Limited is underway and the said debentures will be listed on NSE upon receipt of the final listing approval. Further, while Regulation 30 of the SEBI Listing Regulations is not applicable to the Company, but being a material subsidiary of Max Financial Services Limited on which the said regulation is applicable, we are also enclosing herewith the details as required under Para A (2) of Part A of Schedule III of SEBI Listing Regulations read with SEBI Master Circular No. HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated January 30, 2026, as Annexure A for the disclosure purposes. Kindly take the above information on records. Thanking you, Yours faithfully, For Axis Max Life Insurance Limited (formerly known as Max Life Insurance Co. Ltd.) Anurag Chauhan General Counsel and Company Secretary CC: IDBI Trusteeship Services Limited Annexure A Sr. No. Particulars Remarks 1. Issuer Axis Max Life Insurance Limited (formerly Max Life Insurance Company Limited) 2. Type of securities Unsecured, subordinated, listed, rated, redeemable, taxable, non-cumulative, proposed to be issued non-convertible debentures with the IRDAI regulations and SEBI NCS Regulations. 3. Type of issuance Non-convertible debentures in the nature of subordinated debt instruments, on a private placement basis 4. Total number of 68,600 (Sixty Eight Thousand Six Hundred) Debentures, each bearing a face securities proposed to be value of INR 1,00,000 (Indian Rupees One Lakh) for cash, in dematerialised form, issued or the total amount for which the was conducted under 'multiple yield allotment basis' on the electronic bidding securities will be issued (approximately) total amount to be received is INR 686,00,30,000 (Indian Rupees Six Hundred Eighty Six Crore Thirty Thousand) including a premium of INR 30,000 (Indian Rupees Thirty Thousand) against the issue size of INR 686,00,00,000 (Indian Rupees Six Hundred Eighty Six Crore) (face value). 5. Size of issue The bidding for the issue was conducted under 'multiple yield allotment basis' on Platform of NSE, the total amount to be received is INR 686,00,30,000 (Indian Rupees Six Hundred Eighty Six Crore Thirty Thousand) including a premium of INR 30,000 (Indian Rupees Thirty Thousand) against the issue size of INR 686,00,00,000 (Indian Rupees Six Hundred Eighty Six Crore) (face value). 6. Whether proposed to be Yes. National Stock Exchange of India Limited listed? If yes, name of the stock exchange(s) 7. Tenure of the instrument Tenor: 10 (Ten) years from the deemed date of allotment, subject to the exercise date of allotment and of any call option by the Company at the end of 5 (Five) years and every year date of maturity thereafter. Deemed date of allotment: , 2026 Date of maturity: , 2036, subject to exercise of any Call Option by the Company. 8. Coupon/ interest offered, Coupon Rate: % per annum schedule of payment coupon/ interest and Schedule of payment of interest and principal: principal The Debentures shall be redeemed at par 10 (Ten) years from the deemed date of allotment, on , 2036, subject to the exercise of any call option by the Company at the end of 5 (Five) years and every year thereafter. The Debentures shall carry interest in accordance with the term sheet as set out in the key information document dated , 2026, on the outstanding principal amount of Debentures until the redemption date. The following terms and conditions shall be applicable in relation to any interest payment to be made by the Company pursuant to the Issue of Debentures: (i) the Interest on the Debentures shall be charged to the profit and loss account of the Company and will be paid annually; (ii) the Company shall not be liable to pay the interest for any financial year, if the payment of such interest is prohibited in terms of IRDAI regulations; (iii) prior approval of IRDAI shall be required for payment of interest payment of interest for any financial year, if: (a) solvency margin of the Company is below the control level of solvency; or (b) the impact of such accrual or payment would result in the control level of solvency falling below or remaining below the regulatory requirement specified by the IRDAI; or (c) the impact of accrual or payment of interest may result in net loss or increase in the net loss of the Company. The payment of default interest shall be subject to approval of IRDAI and compliance of applicable law including, without limitation, IRDAI regulati [Showing first 8,000 characters — download PDF for full document]