Max Financial Services Limited has made a disclosure to the BSE and NSE under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 regarding its material subsidiary, Axis Max Life Insurance Limited (formerly known as Max Life Insurance Co. Ltd.).
The disclosure pertains to Axis Max Life's decision to exercise a call option for the full redemption of 4,960 unsecured, subordinated, listed, rated, redeemable, non-cumulative, taxable, non-convertible debentures (NCDs). These NCDs have a face value of ₹10,00,000 each, aggregating to a total principal amount of ₹496 crore (₹4,960,000,000).
Key Details of the NCD Redemption:
- Security Name: 7.50% Max Life Insurance 2031
- Issue Date/Deemed Date of Allotment: August 2, 2021
- Original Redemption Date: August 2, 2031
- Call Option Date: August 2, 2026 (exactly 5 years from the date of allotment)
- Record Date: July 16, 2026
- Payment Date: July 31, 2026 (since August 2, 2026 is not a business day, payment will be made on the immediately preceding business day)
- Call Option Price: ₹10,00,000 per NCD (at par)
- Outstanding Principal Amount: ₹496 crore
- Coupon Rate: 7.50% per annum (fixed)
- Coupon Payment Frequency: Annual
Operational Details:
- The ISIN INE511N08016 will be frozen by the stock exchange/depositories after the record date (July 16, 2026)
- No trading in these NCDs can occur after the record date
- Redemption amounts will be paid to debenture holders of record as of July 16, 2026
- Payments will be made through direct credit to bank accounts linked to demat accounts
- The company will extinguish all NCDs fully after redemption payment
- The debenture trustee for this issue is IDBI Trusteeship Services Limited
The notice was signed by Anurag Chauhan, General Counsel and Company Secretary of Axis Max Life Insurance Limited, on June 30, 2026, and forwarded by Siddhi Suneja, Company Secretary & Compliance Officer of Max Financial Services Limited, to the exchanges on July 1, 2026.