Mumbai: Yes Bank has signed a definitive agreement with GPL Finance and Investments Ltd to sell 100 per cent stake in Yes Asset Management (India) Ltd (YESAMC) and Yes Trustee Limited (YTL), both wholly-owned subsidiaries of the restructured bank.
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, which will exit its mutual fund business.
In a regulatory filing, Yes Bank said that White Oak Investment Management Private Ltd owns 99 per cent of GPL Finance. The ultimate beneficial holder of the purchaser is Prashant Khemka who owns 99.99 per cent of White Oak Investment Management, it said.