Axis Max Life Allots ₹686 Crore NCDs via Private Placement

Date: September 28, 2026

Axis Max Life Insurance Limited (material subsidiary) allotted 68,600 Non-Convertible Debentures (NCDs) through private placement
The allotment was approved by the Executive Committee constituted by the Board of Directors of Axis Max Life Insurance Limited
Resolution was passed on September 28, 2026

Instrument Type: Unsecured, subordinated, listed, rated, redeemable, taxable, non-cumulative, non-convertible debentures
Number of Instruments: 68,600 debentures
Face Value: INR 1,00,000 (Indian Rupees One Lakh) per debenture
Total Issue Size: INR 686,00,00,000 (Indian Rupees Six Hundred Eighty Six Crore) face value
Total Amount Received: 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)
Placement Method: Private placement to 'identified investors' on 'multiple yield allotment basis' via NSE's electronic bidding platform (EBP)
Form: Dematerialized form
Tenor: 10 years from deemed date of allotment
Call Option: Company can exercise call option at end of 5 years and every year thereafter
Interest Payment: Annual interest charged to profit and loss account, subject to IRDAI approval and solvency requirements
Security: Unsecured, subordinated debt instruments
Redemption: At par after 10 years
Regulatory Compliance: Issuance complies with SEBI (Issue and Listing of Non-Convertible Securities) Regulations, 2021 and IRDAI (Registration, Capital Structure, Transfer of Shares and Amalgamation of Insurers) Regulations, 2024

Interest payments require prior IRDAI approval if: (a) solvency margin is below control level, (b) payment would result in control level falling below regulatory requirement, or (c) payment may result in net loss or increase in net loss
Default interest payment subject to IRDAI approval and compliance with applicable laws
Non-payment due to non-receipt of IRDAI approval shall not constitute an event of default