Yes Bank has sold 100 per cent equity shareholding in its wholly-owned subsidiaries, YES Asset Management (India) Limited (YESAMC) and YES Trustee Limited (YTL), to GPL Finance and Investments Limited. Prashant Khemka-owned White Oak Investment Management Private Limited owns 99 per cent stake in GPL Finance and Investments.
The transaction is subject to requisite regulatory approvals from the regulatory authorities, the lender said in a statement.
YESAMC is the asset management company of YES Mutual Fund and YTL is the trustee of YES Mutual Fund. Upon completion of the transaction, YESAMC and YTL will cease to be subsidiaries of the bank, marking its exit from the mutual fund business, private lender the told the stock exchanges.
In terms of revenue, YESAMC earned Rs 33 lakh in FY 20, while its net worth stood at Rs 49.7 lakh. YTL's revenue and net worth contribution is nil, the bank stated. The sale is expected to complete in the next 8-12 months.
Yes Bank share closed at 15.65 or 0.63 down from its previous close of Rs 15.75 on the National Stock Exchanges on Friday.