YES Bank signs agreement for sale of Mutual Fund business

YES Bank has on 21st August '2020 executed a definitive agreement for the sale of 100% of the equity shareholding of YES Asset Management (India) Limited ("YESAMC") and YES Trustee Limited ("YTL"), both wholly owned subsidiaries of YES Bank Limited (the "Bank") to GPL Finance and Investments Limited ("Purchaser"). White Oak Investment Management Private Limited owns 99% of the Purchaser. The ultimate beneficial holder of the Purchaser is Mr. Prashant Khemka who owns 99.99% of White Oak Investment Management Private Limited. The transaction is subject to requisite regulatory approvals from the Regulatory Authorities.

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 and the Bank will exit its mutual fund business.

Shares of YES BANK LTD. was last trading in BSE at Rs.15.76 as compared to the previous close of Rs. 15.78. The total number of shares traded during the day was 31774727 in over 28212 trades.

The stock hit an intraday high of Rs. 16.4 and intraday low of 15.32. The net turnover during the day was Rs. 507903244.

Source : Equity Bulls

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