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New Delhi: Yes Bank on Friday talked about it will exit mutual fund enterprise by selling its holdings in asset administration and trustee subsidiaries.
The monetary establishment on August 21, 2020 executed a definitive agreement for the sale of 100 per cent of the equity shareholding of Yes Asset Management (India) Ltd (YESAMC) and Yes Trustee Ltd (YTL), every wholly-owned subsidiaries of Yes Bank to GPL Finance and Investments Ltd (purchaser), it talked about in a regulatory submitting.
“White Oak Investment Management Private Limited owns 99 per cent of the purchaser. The ultimate beneficial holder of the purchaser is Prashant Khemka who owns 99.99 per cent of White Oak Investment Management Private Limited,” Yes Bank talked about.
The transaction is subject to requisite approvals from the regulatory authorities, the private sector lender talked about.
YESAMC is the asset administration agency 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 and the bank will exit its mutual fund business,” Yes Bank talked about.
The lender talked about it is anticipated to full the sale of the subsidiaries in 8-12 months from execution of the definitive agreement.
The consideration to be obtained from the sale is undisclosed because it’s to be selected closing of the transaction, it added.
“The bank, presently, does not have any promoters,” it added.
Revenue contribution of YESAMC in FY20 was ₹33 lakh ( ₹3.Three million) which is negligible as share. The web worth contribution of AMC arm within the course of the 12 months was ₹49.7 crore ( ₹497 million) which will also be negligible as share of the monetary establishment, the lender talked about.
Revenue and web worth contribution from YTL is nil, Yes Bank talked about.
GPL Finance and Investments Limited is NBFC (non-banking financial agency) funding automotive used for 100 per cent acquisition of YESAMC and YTL, it added extra.
Shares of Yes Bank closed at ₹15.57 apiece on BSE, down 1.21 per cent from the sooner shut.
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